Answer what is/are being asked with solutions

Flag question: Question 1Question 13

If Cash is P114,000; Accounts receivable is P200,000, Office equipment is P30,000; Accounts payable is P8,000; Notes payable is P12,000.

How much is the Capital of the owner?

Group of answer choices

a. P312,000

b. P174,000

c. P324,000

d. P344,000

Flag question: Question 2Question 23pts

If the Merchandise Inventory beginning is P50,000; Purchases is P241,500; freight-in is P4,000; Purchase returns and allowances is P8,500; Cost of Sales is P252,000.

How much is Merchandise Inventory End?

Group of answer choices

a. P19,000

b. P39,500

c. P31,000

d. P35,000

Flag question: Question 3Question 33pts

If the Sales is P390,000; Net income is P30,000; Cost of Sales is P210,000; Operating expenses is P150,000.

How much is Gross profit?

Group of answer choices

a. P600,000

b. P 90,000

c. P180,000

d. P240,000

Flag question: Question 4Question 43pts

If Net Loss is P10,000; Operating expenses is P60,000; Cost of Sales is P30,000.

How much is Sales?

Group of answer choices

a. P90,000

b. P70,000

c. P80,000

d. P30,000

Flag question: Question 5Question 53pts

Beginning balance for Assets is P400,000; Beginning balance for liabilities is P240,000; Ending balance for Assets is P480,000; Ending balance for liabilities is P260,000; Net income for the year is P120,000; Additional investment for the year is P80,000 and Drawings is?

Group of answer choices

a. P60,000

b. P20,000

c. P140,000

d. none

Flag question: Question 6Question 63pts

The equipment was bought on April 30, 2022 with a cost of P88,000, salvage value after 13 years of 10,000.

What is the depreciation for the fiscal year ended March 31, 2026?

Group of answer choices

a. P1,500

b. P7,333

c. P7,500

d. P6,000

Flag question: Question 7Question 73pts

A Merchandise was sold on April 15, 2025 for P200,000 with Terms 15, 10, 5, 2/30, n/45.

How much should be collected if the balance was collected on May 13, 2025?

Group of answer choices

a. P200,000

b. P145,350

c. P143,550

d. P142,443

Flag question: Question 8Question 83pts

A Merchandise was purchased on January 21, 2025 worth P200,000 with Terms: 2/10, 1/15, n/30, EOM. It was paid on January 30, 2025.

How much cash was paid on January 30?

Group of answer choices

a. P194,040

b. P196,000

c. P198,000

d. P200,000

Flag question: Question 9Question 93pts

The goods you bought is worth P440,000 inclusive of 10% freight on cost. If the goods has a terms of FOB shipping point, freight prepaid.

How much is your accounts payable?

Group of answer choices

a. P396,000

b. P44,000

c. P400,000

d. P440,000

Flag question: Question 10Question 103pts

If the total liabilities of the business is P200,000 and its capital contributed is 60% of the total assets, then the total assets is

Group of answer choices

a. P300,000

b. P333,333

c. P500,000

d. P800,000

Flag question: Question 11Question 113pts

If the annual depreciation is P12,000 and the accumulated depreciation is P36,000, at depreciation rate of 20% per year, the net book value of the asset is

Group of answer choices

a. P24,000

b. P48,000

c. P204,000

d. P324,000

Flag question: Question 12Question 123pts

The total assets of the business before collection of receivables is P150,000.

What will be the balance of asset account if 3/4 of P16,000 accounts receivable was settled with a promissory note with stated rate of 12% for 30 days?

Group of answer choices

a. P138,000

b. P150,000

c. P162,000

d. P150,120

Flag question: Question 13Question 133pts

The following information is available for Claire Bennet Company for the year 2025: Disbursement for purchases in the amount of P580,000; Increase in trade accounts payable amounting to P50,000; and Decrease in merchandise inventory amounting to P20,000.

What is the cost of goods sold for the year?

Group of answer choices

a. P650,000

b. P610,000

c. P550.000

d. P510,000

Flag question: Question 14Question 143pts

The ledger account in a servicing firm shows the following:

Accounts receivable	P250,000
Accounts payable			200,000
Capital			100,000
Cash			?
Expenses			300,000
Revenues			500,000

How much is the cash balance?

Group of answer choices

a. P150,000

b. P250,000

c. P200,000

d. P450,000

Flag question: Question 15Question 153pts

The total assets of Mohinder Co. is P350,000 of which P50,000 is accounts receivable. Subsequently, P22,500 of accounts receivable was collected. If total liabilities before and after collection were P100,000.

What is the new balance of its owners equity after the collection?

Group of answer choices

a. P177,500

b. P227,500

c. P250,000

d. P400,000

Flag question: Question 16Question 163pts

The net assets (capital) of Matt Parkman was P125,000. If an accounts payable of P11,700 was paid.

What is the new balance of Parkman's net asset?

Group of answer choices

a. P136,700

b. P113,300

c. P125,000

d. P101,600

Flag question: Question 17Question 173pts

If the ending inventory is P10,000, which is of the beginning inventory and is 1/5 of the total purchases.

What is the cost of sales?

Group of answer choices

a. P40,000

b. P45,000

c. P50,000

d. P60,000

Flag question: Question 18Question 183pts

Rent income of P600 is collected in advanced. This is applicable for a six-month rental period ending January 31, 2021. The balance sheet to be prepared is dated December 31, 2020.

If the pre-collection was recorded under the liability method, the deferred revenue by year end should be

Group of answer choices

a. P500

b. P 50

c. P550

d. P100

Flag question: Question 19Question 193pts

The total sales was P1,000,000 of which sales on cash basis amounted to P400,000. The policy of the business is to provide 1% of credit sales as bad debts expense.

The bad debts expense is

Group of answer choices

a. P10,000

b. P 4,000

c. P 6,000

d. None.

Flag question: Question 20Question 203pts

The net book value of the plant asset at the start of the year is P480,000. The depreciation rate is 2% per year. The net book value at the end of the year is P470,000.

If there are no additions and disposals of assets, the acquisition cost of asset was

Group of answer choices

a. P 9,600

b. P 9,400

c. P 10,000

d. P500,000

Flag question: Question 21Question 213pts

The prepaid rent for P12,000 is good for three months starting November 30, 2020. The balance sheet date is December 31, 2020. The prepayment was recorded under asset method.

The correct rent expense for the given period would be

Group of answer choices

a. P 4,000

b. P 8,000

c. P12,000

d. None.

Flag question: Question 22Question 223pts

A 90-day non-interest bearing note amounting to P50,000 was issued on November 30, 2020. The prevailing interest rate is 12%.

The accrued interest as of December 31, 2020 is

Group of answer choices

a. P 500

b. P1,000

c. P1,500

d. None.

Flag question: Question 23Question 233pts

The beginning balance of unused supplies is P500. During the period the total purchases of supplies amounted to P2,000 initially recorded as asset. At the end of the period, the actual unused supplies is P700.

The supplies expense to be reported for the period is

Group of answer choices

a. P 200

b. P 500

c. P1,800

d. P2,300

Flag question: Question 24Question 243pts

The business issued a 90-day promissory note of P20,000, carrying an interest of 12% per year. The promissory note is dated May 31, 2020 and the balance sheet date of the business is June 30, 2020.

The accrued expense is

Group of answer choices

a. P 200

b. P 400

c. P 800

d. P1,600

Flag question: Question 25Question 253pts

The purchase invoice shows the amount of P250,000, 2/10;1/20;n/30; FOB destination collect, P200.

If the account is paid 15 days after the invoice date, the net payment should be

Group of answer choices

a. P245,000

b. P247,500

c. P247,300

d. P244,800

Flag question: Question 26Question 263pts

Linderman purchased merchandise for P 5,000 and paid P200 for freight, FOB Destination collect. The merchandise was sold for P6,000.

The gross profit on the sale is

Group of answer choices

a. P1,000

b. P1,200

c. P800

d. P6,200

Flag question: Question 27Question 273pts

The net purchase is P1,176, net of 2% cash discount. A portion of the inventories were sold at a mark-up of 10%. Unsold portion of purchase is P176.

The total purchase was

Group of answer choices

a. P1,152.48

b. P1,088.24

c. P1,020.41

d. P1,200.00

Flag question: Question 28Question 283pts

The term of a P300,000 purchase is 2/30; n/60; FOB, shipping point prepaid, P300. If the account is paid on the 20th day from the invoice date, the total amount paid was

Group of answer choices

a. P294,000

b. P293,700

c. P294,300

d. P300,300

Flag question: Question 29Question 293pts

If revenues were P45,000, expenses were P37,500, and the owner's withdrawals were P10,000, the amount of net income/(loss) would be:

Group of answer choices

a. P45,000

b. P7,500

c. (P37,000)

d. (P2,500)

Flag question: Question 30Question 303pts

The business is a servicing firm. For the period it collected P50,000 cash and still have receivable amounting to P25,000 for the total services rendered.

How much is the business revenue for the period?

Group of answer choices

a. P50,000

b. P75,000

c. P25,000

d. P100,000

Flag question: Question 31Question 313pts

The total assets of Sylar Service is P500,000. Twenty five percent represents the claim of the owner.

Its liability, therefore is

Group of answer choices

a. P375,000

b. P400,000

c. P100,000

d. P125,000

Flag question: Question 32Question 323pts

The	total cash	payments	made	by	the	business	for the period amounted to P100,000 as follows:
Purchases of equipment for business use	55,000
Salaries of the employees				25,000
Water and electric used in business		10,000
Taxes and licenses of the business		5,000

How much is the total operation expense from these payments?

Group of answer choices

a. P45,000

b. P95,000

c. P100,000

d. P40,000

Flag question: Question 33Question 333pts

Gross sales for the period were

Group of answer choices

a. P75,000

b. P72,500

c. P73,500

d. P77,500

Flag question: Question 34Question 343pts

Net purchases for the period was

Group of answer choices

a. P23,500

b. P15,000

c. P20,000

d. P18,000

Flag question: Question 35Question 353pts

Net income for the period was

Group of answer choices

a. P52,500

b. P45,000

c. P25,000

d. P17,500

Flag question: Question 36Question 363pts

The following incomplete records are presented to you by Nathan Co.

Net purchases	P	180,000.00
Net Sales		230,000.00
Ending inventory		40,000.00
Gross profit		70,000.00

Total goods available for sale would amount to?

Group of answer choices

a. P120,000

b. P190,000

c. P150,000

d. P200,000

Flag question: Question 37Question 373pts

Assuming that net cost of purchases was 90,000 during the year and that ending merchandise inventory was 2,000 less than the beginning merchandise inventory of 25,000.

How much was the cost of goods sold?

Group of answer choices

a. P113,000

b. P 67,000

c. P 92,000

d. P117,000

Flag question: Question 38Question 383pts

Ando Construction purchased a crane onJanuary 1, 2025, for P410,000. At the time of purchase, the crane was estimated to have a life of 5 years and a residual value of P10,000. If Ando uses the straight-line method of depreciation.

What will be the depreciation expense for the crane in 2026?

Group of answer choices

a. P80,000

b. P82,000

c. P60,000

d. P61,500

Flag question: Question 39Question 393pts

Assuming the same data above, how much is the net book value atDecember 31, 2027?

Group of answer choices

a. P250,000

b. P30,000

c. P246,000

d. P170,000

Flag question: Question 40Question 403pts

Goods amounting to P5,000 were purchased on February 2 with terms of 2/10, n/30. Purchase returns of P1,000 were made on February 9.

How much is the Purchase discount if it was paid on February 10?

Group of answer choices

a. None

b. P100

c. P80

d. P20

Flag question: Question 41Question 413pts

Compute for the net sales

Group of answer choices

a. P228,800

b. P230,070

c. P226,860

d. P225,800

Flag question: Question 42Question 423pts

Compute for the gross purchases

Group of answer choices

a. P120,600

b. P125,122

c. P92,610

d. P151,510

Flag question: Question 43Question 433pts

Compute for the cost of goods sold

Group of answer choices

a. P151,510

b. P122,478

c. P89,066

d. P84,544

Flag question: Question 44Question 443pts

Compute for total operating expenses

Group of answer choices

a. P67,720

b. P62,120

c. P64,620

d. P65,220

Flag question: Question 45Question 453pts

Compute for the net income

Group of answer choices

a. P70,074

b. P75,674

c. P73,174

d. P72,574

Flag question: Question 46Question 463pts

Compute for the total Current Assets

Group of answer choices

a. P94,376

b. P91,276

c. P85,232

d. P88,776

Flag question: Question 47Question 473pts

Compute for the net book value of Total Non-current Assets

Group of answer choices

a. P64,400

b. P35,000

c. P93,800

d. P59,376

Flag question: Question 48Question 483pts

Compute for the total Assets

Group of answer choices

a. P126,876

b. P129,376

c. P123,776

d. P120,232

Flag question: Question 49Question 493pts

Compute for the total Liabilities

Group of answer choices

a. P24,600

b. P23,900

c. P23,300

d. P32,000

Flag question: Question 50Question 503pts

Compute for the ending balance of Hiro Nakamura Capital

Group of answer choices

a. P104,976

b. P29,102

c. P64,274

d. P99,176