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How much is the total expense for the third quarter

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Reference no: EM133149308

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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?

Reference no: EM133149308

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