Reference no: EM133151983
Question 1 - On June 30, 2021, Mill Corp. incurred a 100,000 net loss from disposal of a business segment. Also, on June 30, 2021, Mill paid 40,000 for property taxes assessed for the calendar year 2021. What amount of the foregoing items should be included in the determination of Mill's net income or loss for the six-month interim period ended June 30, 2021?
a. P140,000
b. P70,000
c. P120,000
d. P90,000
Question 2 - The following data relate to store equipment of BBB Company for 2021:
Store Equipment at cost, Jan. 1- P100,000
Store Equipment at cost, Dec. 31- P105,000
Accumulated Depreciation, Jan. 1- P30,000
Accumulated Depreciation, Dec. 31- 35,000
Store Equipment costing P10,000 was sold for P8,000 resulting in a loss of P500. The depreciation expense on store equipment for 2021 is
a. P2,500
b. P4,500
c. P5,000
d. P6,500
Question 3 - Ray Company had the following liabilities on December 31, 2021:
Trade accounts payable, net of debit balances totaling P65,000 in suppliers' accounts- P1,125,000
Accrued expenses- P136,000
Interest payable- P96,000
Income tax payable- P150,000
Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000
Share dividends declared but not yet issued- P300,000
Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable) - P250,000
How much is the total current liabilities of Ray Company to be shown on its December 31, 2021 statement of financial position?
a. P1,272,000
b. P2,207,000
c. P1,722,000
d. P2,022,000
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