1.) Given the following data, compute for the missing items:

• Beginning Inventory P62,000;
• Ending Inventory P68,000;
• Cost of Sales P158,000;
• Gross Profit P110,000;
• Operating Expenses P90,000.
  • Here are the needed items:
    • Sales:
    • Net purchases:
    • Net income:

2.) The Marlboro Corp received subscription for 5,000 shares of its $10 par value ordinary shares at $15. What is the account to be credit to record the transaction? Choose from either A, B, C, D, or E.

• A. Cr. Share Capital Subscription Receivable
• B. Cr. Share Capital Subscribed
• C. Cr. Share Premium in Excess of Par
• D. combination of 2 credits letters A & B
• E. combination of 2 credits letter B & C

3.) MJ Company had outstanding 2,000 shares of P100 par value 8% preference share and 30,000 shares of P5 par value ordinary share on December 31, 2011. On December 2011, dividends in arrears on the preference share were P8,000. Cash dividend declared in 2011 totaled P120,000. If dividend is P8 per preference share and P3.467 per ordinary share, what is the condition in computing the dividends for each type of shares.

• A. Noncumulative nonparticipating
• B. Cumulative nonparticipating
• C. Noncumulative participating
• D. Cumulative participating

4.) HIJ Company has these unadjusted account balances on Dec 31: Inventory, beginning $188,250; Purchases $142,700; Freight in $12,880; Purchase Discounts $2,140.00; Purchase returns & allowance $26,710. Assuming that the ending inventory is $97,900, the entry to adjust the inventory accounts would include?

• A. A debit to Inventory of $90,350
• B. A debit to Cost of Goods Sold of $217,080
• C. A credit to Purchases of $188,250
• D. A credit to Cost of Goods Sold $97,900