Reference no: EM133149308
Questions -
Q1. Presented below is selected information pertaining to the Cone Company:
Cash balance, January 1, 2021- P13,000
Accounts receivable, January 1, 2021- P19,000
Collections from customers in 2021- P210,000
Capital account balance, January 1, 2021- P38,000
Total assets, January 1, 2021- P75,000
Cash investment added, July 1, 2021-P5,000
Total asset, December 31, 2021- P101,000
Cash balance, December 31, 2021- P20,000
Accounts receivable, December 31, 2021- P36,000
Merchandise taken for personal use during 2021- P11,000
Total liabilities, December 31, 2021- P41,000
How much is the net income for 2021?
a. P28,000
b. P30,000
c. P26,000
d. P22,000
Q2. Lala Company reported the following information in 2021:
Sales revenue- P500,000
Cost of Goods Sold- P350,000
Operating Expenses- P55,000
Unrealized translation gain- P20,000
Cash dividends received on investment in equity securities- P2,000
Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of?
a. P97,000
b. P20,000
c. P115,000
d. P117,000
Q3. Below are DCI & Co.'s transactions for the third quarter:
Payment of quick response insurance premium for calendar year (payment was made during the 1st quarter)- P400,000
Loss from earthquake- P980,000
Write down of inventories (loss in P/L)- P720,000
How much is the total expense for the third quarter?