Reference no: EM133144661
Questions -
Q1. On December 1, 2020, Colombia Company sold 2,000 units of calculators to Phil Company with a sales price per unit of P390.
The trade discount is 10% and the term is FOB shipping point, 2/10, n/30.
The cost per unit amounts to P80 and the operating expenses are P200,000.
Colombia collected all the sold transactions on December 15, 2020.
Under the net method, how much is the other income?
Q2. On January 1, 2021, Puerto Rico Company sold equipment at a cost of P500,000 and received a down payment of P150,000 and a noninterest-bearing note requiring payment of P150,000 annually for 4 years. The first payment is due December 31, 2021.
The prevailing rate of interest for this type of note at the date of issuance is 10%.
The entity used 2 decimal places for the PV factor.
How much is the carrying amount of the note receivable on December 31, 2021?
Q3. Turkey Company related data for December 31, 2021:
Balance per book P 890,600
Balance per bank statement 815,000
Outstanding checks 128,500
Deposit in transit 200,000
Bank charges not yet taken up in the books 5,000
Error in recording a disbursement check in the books. The correct amount is P37,800 but recorded as P38,700.
How much is the correct cash in-bank balance?
Q4. Venezuela Company related data for December 31, 2021:
Balance per book P946,800
Balance per bank statement 925,000
Deposit in transit closed by BSP 120,000
Outstanding checks 185,700
Deposit in transit 250,000
Bank charges not yet taken up in the books 7,500
Currency and coins counted 6,500
Time deposit (withdrawable on April 15, 2022) 250,000
Petty cash fund of P10,000 of which P7,520 is in the form of paid vouchers
The bank collected P50,000 on behalf of the entity but not yet recorded per book of accounts.
How much are the cash and cash equivalents?
Q5. The related data of Italy Company:
The Accounts receivable on January 1 is P225,000.
The entity established an allowance for doubtful accounts estimated at 5% of Accounts receivable, ending.
Sales for the year are 5,000,000.
During the year, the entity wrote off P15,000 of uncollectible accounts.
Total collections from customers amounted to P4,850,000.
All sales are on account.
How much is the net realizable value of the Accounts receivable at year-end?
Q6. Greenland Company had the following balances at December 31, 2021:
Petty cash fund P 10,000
Customer's certified check 25,000
Customer's NSF check 85,700
Customer's postdated check 98,500
Cash in bank 875,200
Time deposit (expected to be used in April 2022) 200,000
Other information:
A company check was written and deducted from the cash in the bank but scheduled to be released to the supplier on January 2, 2022, amounting to P18,500.
In exchange for a line of credit, the company agreed to maintain a minimum compensating balance of P150,000 in the entity's cash in the bank.
How much is the cash on December 31, 2021?