Kindly provide the correct answers for the following items. Question 16Perry Company provided the following information for the current year:Purchased a building for P1,200,000. Paid P400,000 and signed a mortgage with the seller for the remaining balance.Executed a debt-equity swap and replaced a P600,000 loan by giving the lender ordinary shares worth P600,000 on the date the swap was executed.Purchased land for P1,000,000. Paid P350,000 and issued ordinary shares for the balance.Borrowed P550,000 under a long-term loan agreement.Used the cash from the loans proceeds for purchase of additional inventory P150,000, payment of cash dividend P300,000 and increase in the cash balance P100,000.What amount should be reported as net cash used in investing activities?A P1,200,000(B) P2,200,000C) P400,000D P750,000Question 17During the current year, Jet Company had the following activities related to financial operations:Payment for the early retirement of long-term bonds payable with carrying amount of P7,400,000 - P7,500,000Payment in the current year of cash dividend declared prior year to preference shareholders - P600,000Carrying amount of convertible preference shares converted into ordinary shares - P1,200,000Proceeds from sale of treasury shares with carrying amount at cost, P800,000-P950,000A P7,150,000P8,100,000C) P5,950,000D) P7,850,000 Question 13Events after the end of reporting period are favorable or unfavorable events that occur between:A) the end of the reporting period and the date of the next annual financial statements.B) the end of the reporting period and the date of the next interim or annual financial statements.Cthe end of the reporting period and the date when the financial statements are authorized for issue.(D) the end of the reporting period and the date of the next interim financial statements.Question 14Which of the following is true in relation to events after reporting period?Notes to financial statements should give details of material adjusting events included in those financial statements.B Notes to financial statements should give details of material nonadjusting events which could influence the economic decisions of primary users.a decline in the fair value of trading investments would normally be classified as an adjusting event.Dthe settlement of a long-running court case would normally be classified as a nonadjusting event.Question 15An entity decided to building and operate an amusement park next year. The entity applied for a letter of guarantee which was issued before the issuance of the financial statements of the current year. What is the adjustment required at the current year end?book a long-term payable for the amount of guaranteedisclose the guarantee as a contingent liability(C) increase the contingency reserveD do nothing

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Description: Kindly provide the correct answers for the following items. Question 16Perry Company provided the following information for the current year:Purchased a building for P1,200,000. Paid P400,000 and signed a mortgage with the seller for the remaining ba

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Question 16 Perry Company provided the following information for the current year: Purchased a building for P1,200,000. Paid P400,000 and signed a mortgage with the seller for the remaining balance. Executed a debt-equity swap and replaced a P600,000 loan by giving the lender ordinary shares worth P600,000 on the date the swap was executed. Purchased land for P1,000,000. Paid P350,000 and issued ordinary shares for the balance. Borrowed P550,000 under a long-term loan agreement. Used the cash from the loans proceeds for purchase of additional inventory P150,000, payment of cash dividend P300,000 and increase in the cash balance P100,000. What amount should be reported as net cash used in investing activities? A P1,200,000 B P2,200,000 P400,000 D P750,000

Question 16 Perry Company provided the following information for the current year: Purchased a building for P1,200,000. Paid P400,000 and signed a mortgage with the seller for the remaining balance. Executed a debt-equity swap and replaced a P600,000 loan by giving the lender ordinary shares worth P600,000 on the date the swap was executed. Purchased land for P1,000,000. Paid P350,000 and issued ordinary shares for the balance. Borrowed P550,000 under a long-term loan agreement. Used the cash from the loans proceeds for purchase of additional inventory P150,000, payment of cash dividend P300,000 and increase in the cash balance P100,000. What amount should be reported as net cash used in investing activities? A P1,200,000 B P2,200,000 P400,000 D P750,000

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter17: Other Services Provided By Audit Firms

Section: Chapter Questions

Problem 20MCQ

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Allowance method entries The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,995 cash in full payment of Arlene's account. Apr. 3. Wrote off the $11,430 balance owed by Premier GS Co., which is bankrupt. July 16. Received 40% of the $20,500 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,250 cash in full payment. Dec. Wrote off the following accounts as uncollectible (compound entry): Cavey Co., $8,600 ; Fogle Co., $2,555 ; Lake Furniture, $ 6,565 ; Melinda Shryer, $1,855. 31. Dec. Based on an analysis of the $1,012,000 of accounts receivable, it was estimated that $44,000 wil be uncollectible.…
I need answers from item 1-5 please help.
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