The Bountiful Company was organized on January 3, 2022 with a share capital fully paid up of P 10,000,000. At December 31, 2022, the general ledger of said company showed the following accounts and balances: Merchandise Inventory 4,300,000 1,600,000 2,400,000 Land Building Furniture and Equipment Trade Accounts Receivable 700,000 1,240,000 Trade Accounts Payable Trade Notes Payable Notes Payable - BPI Mortgage Payable - BDO Sales 680,000 1,000,000 400,000 1,000,000 3,710,000 1,360,000 92,000 54,000 93,288 Salaries Expense Taxes and Licenses Insurance Expense Repairs Expense Your examination revealed that the cost of merchandise sold was 65% of sale. Based on the foregoing, answer the following questions:
The Bountiful Company was organized on January 3, 2022 with a share capital fully paid up of P 10,000,000. At December 31, 2022, the general ledger of said company showed the following accounts and balances: Merchandise Inventory 4,300,000 1,600,000 2,400,000 Land Building Furniture and Equipment Trade Accounts Receivable 700,000 1,240,000 Trade Accounts Payable Trade Notes Payable Notes Payable - BPI Mortgage Payable - BDO Sales 680,000 1,000,000 400,000 1,000,000 3,710,000 1,360,000 92,000 54,000 93,288 Salaries Expense Taxes and Licenses Insurance Expense Repairs Expense Your examination revealed that the cost of merchandise sold was 65% of sale. Based on the foregoing, answer the following questions:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Bountiful Company was organized on January 3, 2022 with a share capital fully paid up of P 10,000,000. At December 31, 2022, the general ledger of said company showed the following accounts and balances:
Your examination revealed that the cost of merchandise sold was 65% of sale.
Based on the foregoing, answer the following questions:
How much is the total payment of purchases during the year?
A. 5,031,500
B. 3,198,500
C. 2,620,000
D. 1,680,000
How much is the total cash disbursements during the year?
A. 6,299,288
B. 6,630,788
C. 5,031,500
D. 11,330,788
How much is the cash accountability at 12/31/2022?
A. 7,570,712
B. 1,139,212
C. 8,838,500
D. 2,539,212
Transcribed Image Text:The Bountiful Company was organized on January 3,
2022 with a share capital fully paid up of P
10,000,000. At December 31, 2022, the general
ledger of said company showed the following
accounts and balances:
Merchandise Inventory
4,300,000
1,600,000
2,400,000
Land
Building
Furniture and Equipment
Trade Accounts Receivable
700,000
1,240,000
Trade Accounts Payable
Trade Notes Payable
Notes Payable - BPI
Mortgage Payable - BDO
Sales
680,000
1,000,000
400,000
1,000,000
3,710,000
1,360,000
92,000
54,000
93,288
Salaries Expense
Taxes and Licenses
Insurance Expense
Repairs Expense
Your examination revealed that the cost of
merchandise sold was 65% of sale.
Based on the foregoing, answer the following
questions:
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