A. Determine the audited balance of Depreciation expense under the accrual basisB. Determine the audited balance of Net income under the accrual basis An analysis of incomplete records of Angel Corporation produced the following information applicablein 2019:ACCOUNT INCREASES:CashAccounts receivableAccounts payablePrepaid insuranceP4,200,0001,400,000400,000200,000ACCOUNT DECREASES:InventoryEquipmentNotes receivableAccrued salaries payable1,000,000100,000600,000300,000Summary of cash transactions were as follows:RECEIPΤS:Cash salesP3,000,00030,000,0002,400,000200,000500,000Collections of accounts receivableCollections of notes receivableInterest on notes receivablePurchase returns and allowancesDISBURSEMENTS:Cash purchasesPayments of accounts payableSales returns and allowances1,000,00016,500,000400,000700,00010,000,000800,0001,500,0001,000,000InsuranceSalariesEquipmentOther expensesDividendsAdditional information:a. Total purchase returns and allowances amounted to P800,000.b. Total sales returns and allowances amounted to P1,200,000.

An analysis of incomplete records of Angel Corporation produced the following information applicable in 2019: ACCOUNT INCREASES: Cash Accounts receivable P4,200,000 1,400,000 400,000 200,000 Accounts payable Prepaid insurance ACCOUNT DECREASES: Inventory Equipment Notes receivable Accrued salaries payable 1,000,000 100,000 600,000 300,000 Summary of cash transactions were as follows: RECEIPTS: Cash sales Collections of accounts receivable Collections of notes receivable Interest on notes receivable Purchase returns and allowances P3,000,000 30,000,000 2,400,000 200,000 500,000 DISBURSEMENTS: Cash purchases Payments of accounts payable Sales returns and allowances 1,000,000 16,500,000 400,000 700,000 10,000,000 800,000 1,500,000 1,000,000 Insurance Salaries Equipment Other expenses Dividends Additional information: a. Total purchase returns and allowances amounted to P800,000. b. Total sales returns and allowances amounted to P1,200,000.

An analysis of incomplete records of Angel Corporation produced the following information applicable in 2019: ACCOUNT INCREASES: Cash Accounts receivable P4,200,000 1,400,000 400,000 200,000 Accounts payable Prepaid insurance ACCOUNT DECREASES: Inventory Equipment Notes receivable Accrued salaries payable 1,000,000 100,000 600,000 300,000 Summary of cash transactions were as follows: RECEIPTS: Cash sales Collections of accounts receivable Collections of notes receivable Interest on notes receivable Purchase returns and allowances P3,000,000 30,000,000 2,400,000 200,000 500,000 DISBURSEMENTS: Cash purchases Payments of accounts payable Sales returns and allowances 1,000,000 16,500,000 400,000 700,000 10,000,000 800,000 1,500,000 1,000,000 Insurance Salaries Equipment Other expenses Dividends Additional information: a. Total purchase returns and allowances amounted to P800,000. b. Total sales returns and allowances amounted to P1,200,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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