Reference no: EM132937986

Questions -

Q1) CNblue Company is preparing its bank reconciliation and had made available the following information: BDO balance per bank statement 200,000 Deposit in Transit 45,000 Outstanding checks 34,500 Amount erroneously debited by BDO bank to CNblue account 8,000 Bank service charge for December 1,000 Check drawn, recorded and delivered on December 21, 2019, the check dated January 10,2020 (included in the total outstanding checks above) 12,000 Check for Boice Company credited by bank to the account of CNblue Company 15,000 What is the amount shown as Cash on CNblue's December 31, 2019 Statement of Financial position?

Q2) On August 5,2019, ABC Company sold P 500,00 worth of inventories with trade discounts of 10%,15%,25%, terms: 2/10,n/30. How much is debited to accounts receivable if the company uses net price method in accounting for its cash discounts?

Q3) On January 2, 2020, BTS Company purchased 20% of Taehyung Company's ordinary shares for P4,500,000. During 2020, Taehyung reported net income of P4,000,000 and paid cash dividends of P3,000,000 on its ordinary share. What is the balance in BTS's "Investment in Twice" account and the amount of income from investment on December 31, 2020, respectively?