Alaga Mo Patabain Ko Cooperative was established on November 2, 2016. Below are the balances financial position accounts on the beginning of December, 2016 and the transactions for December, 2016 Total Liabilities is 40% of Total Members’ Equity Total Non-Current Assets is 60% of Total Assets Cash and Cash Equivalents is P2,400,000 which is 40% of Total Current Assets Net Surplus/(Net Loss) is (P650,500) based on the result of operation of November, 2016 December, 2016 Transactions Interest Income from Loans – P250,000 Service of Income – P150,000 Cost of Service – P85,000 Membership Fees – P45,000 Commission Income – P25,000 Miscellaneous Income – P5,000 Interest Expense from Deposits – P25,000 Administrative Expense – P150,000 Gains in Sale of Investment – P35,000 Cooperative acquired a delivery truck by issuing a promissory notes worth P350,000 on December 1 with 10 years depreciation. This transaction was omitted in the book. The correct balance of Non-Current Assets as of December 31, 2016. a. 9,350,000 b. 9,360,000 c. 9,370,000 d. 9,380,000 The correct result of operation using the data in #45 a. 247,083 b. 247,083.33 c. 247,083.23 d. 247,083.13 The total amount of Total Liabilities and Total Members’ Equity. a. 15,597,083.33 b. 15,597.083.23 c. 15,597,083.13 d. 15,597,083
Alaga Mo Patabain Ko Cooperative was established on November 2, 2016. Below are the balances financial position accounts on the beginning of December, 2016 and the transactions for December, 2016 Total Liabilities is 40% of Total Members’ Equity Total Non-Current Assets is 60% of Total Assets Cash and Cash Equivalents is P2,400,000 which is 40% of Total Current Assets Net Surplus/(Net Loss) is (P650,500) based on the result of operation of November, 2016 December, 2016 Transactions Interest Income from Loans – P250,000 Service of Income – P150,000 Cost of Service – P85,000 Membership Fees – P45,000 Commission Income – P25,000 Miscellaneous Income – P5,000 Interest Expense from Deposits – P25,000 Administrative Expense – P150,000 Gains in Sale of Investment – P35,000 Cooperative acquired a delivery truck by issuing a promissory notes worth P350,000 on December 1 with 10 years depreciation. This transaction was omitted in the book. The correct balance of Non-Current Assets as of December 31, 2016. a. 9,350,000 b. 9,360,000 c. 9,370,000 d. 9,380,000 The correct result of operation using the data in #45 a. 247,083 b. 247,083.33 c. 247,083.23 d. 247,083.13 The total amount of Total Liabilities and Total Members’ Equity. a. 15,597,083.33 b. 15,597.083.23 c. 15,597,083.13 d. 15,597,083
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Alaga Mo Patabain Ko Cooperative was established on November 2, 2016. Below are the balances financial position accounts on the beginning of December, 2016 and the transactions for December, 2016
Total Liabilities is 40% of Total Members’ Equity
Total Non-Current Assets is 60% of Total Assets
Cash and Cash Equivalents is P2,400,000 which is 40% of Total Current Assets
Net Surplus/(Net Loss) is (P650,500) based on the result of operation of November, 2016
December, 2016 Transactions
Interest Income from Loans – P250,000
Service of Income – P150,000
Cost of Service – P85,000
Membership Fees – P45,000
Commission Income – P25,000
Miscellaneous Income – P5,000
Interest Expense from Deposits – P25,000
Administrative Expense – P150,000
Gains in Sale of Investment – P35,000
Cooperative acquired a delivery truck by issuing a promissory notes worth P350,000 on December 1 with 10 yearsdepreciation . This transaction was omitted in the book. The correct balance of Non-Current Assets as of December 31, 2016.
Total Liabilities is 40% of Total Members’ Equity
Total Non-Current Assets is 60% of Total Assets
Cash and Cash Equivalents is P2,400,000 which is 40% of Total Current Assets
Net Surplus/(Net Loss) is (P650,500) based on the result of operation of November, 2016
December, 2016 Transactions
Interest Income from Loans – P250,000
Service of Income – P150,000
Cost of Service – P85,000
Membership Fees – P45,000
Commission Income – P25,000
Miscellaneous Income – P5,000
Interest Expense from Deposits – P25,000
Administrative Expense – P150,000
Gains in Sale of Investment – P35,000
Cooperative acquired a delivery truck by issuing a promissory notes worth P350,000 on December 1 with 10 years
a. 9,350,000
b. 9,360,000
c. 9,370,000
d. 9,380,000
The correct result of operation using the data in #45
a. 247,083
b. 247,083.33
c. 247,083.23
d. 247,083.13
The total amount of Total Liabilities and Total Members’ Equity.
a. 15,597,083.33
b. 15,597.083.23
c. 15,597,083.13
d. 15,597,083
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