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SECTION: PROFESSOR: Multiple Choice 1. WIN.com sells one-year and two-year subscriptions for its electronic book-of-the- month download business. Subscriptions are collected in advance and credited to sales. An analysis of the recorded sales activity revealed the following: 2019 2020 Sales P420,000 P500,000 Less: Cancellations 20,000 30,000 Net Sales P400,000 P470,000 Subscriptions Expirations: 2019 2020 2021 2022 P120,000 155,000 P130,000 125,000:1 200,000 140,000 P400,000 P470,000 In WIN.com's Dec. 31, 2020 balance sheet, the balance for unearned subscription revenues should be a. P470,000 b) P465,000. C. P400,000 d. P340,000. 2. An analysis of Angelina Tagay Antiques unadjusted prepaid expense account at Dec. 31, 2020 revealed the following: An opening balance at P15,000 for. Angelina Tagay's comprehensive insurance policy. Angelina Tagay paid an annual premium of P30,000 on July 1, 2019. A P32,000 annual insurance premium payment made July 1, 2020. A P20,000 advance rental payment for a warehouse leased for one year beginning Jan. 1, 2021. In its Dec. 31, 2020 balance sheet, what amount should Angelina Tagay report as prepaid expenses? a. P52,000 b. P36,000 C. P20,000 d. P16,000 208 | Basic Financial Accounting and Reporting 2021 Edition by Prof. Win Ballada 3. On Nov. 1, 2020, Alevir Pido Portraits paid P36,000 to renew its insurance policy for 3 years. On Dec 31, 2020, Alevir Pido's unadjusted trial balance showed a balance of P900 for prepaid insurance and P44,100 for insurance expense. What amounts should be reported for prepaid insurance and insurance expense in Alevir Pido's Dec. 31, 2020 financial statements? Prepaid Insurance Insurance Expense a. P33,000 P12,000 b. P34,000 P12,000 C. P34,000 P11,000 d. P34,900 P10,100 4. An entity that pays employees every two weeks has paid workers P375,000 in wages and salaries for work completed during 2019. In addition, the employees earned one week's salary of P7,200 at the end of December that will be paid as part of the P14,400 payroll at the end of the first week of January in 2020. How much should the company report for salaries and wages expense for 2019? a. P367,800. b. P375,000. c. P389,400. d. P382,200. 5. Roberto Orcajada Realty pays commissions to its soles staff at the rate of 3% of net sales. Sales staff are not paid salaries but are given monthly advances of P15,000. Advances are charged to commission expense, and reconciliations against commissions are prepared quarterly. Net sales for the year ended Mar. 31, 2020 were P15,000,000. The unadjusted balance in the commissions expense account on March 31, 2020 was P400,000. March advances were paid on Apr. 3, 2020. In its income statement for the year ended Mar. 31, 2020, what amount should Roberto Orcajada report as commission expense? a. P465,000 b. P450,000 c. P415,000 d. P400,000