Reference no: EM133185256
Questions -
Q1. KAPEKABA Company owned the following investments at year-end before fair value adjustments and amortization:
FA@FVTPL P600,000
FA@FVTOCI 350,000
FA@AC 470,000
What total amount of noncurrent assets related to the investments should be reported at year-end?
Q2. On July 1, 2012, BA-KET Company purchased 1,000 of the P1000 face value, 8% bonds for P910,000 plus accrued interest to yield 10%. The bonds mature on January 1, 2019, pay interest annually on January 1, and are classified as trading securities. On February 13,2013, BA-KET Company sold all the bonds at 92 which was also the closing quoted price of the bonds on the immediately preceding year. At what amount did BA-KET present these bonds in its Statement of Financial Position on December 31, 2012?
Q3. During 2011, PAKLAMOEH Company held 30,000 shares of WEH Company's 100,000 outstanding shares, wherein PAKLAMOEH has insignificant influence over WEH, and 6,000 shares of DINGA Company's 300,000 outstanding shares. During the year, PAKLAMOEH received P300,000 cash dividend from WEH, P15,000 cash dividend and 3% stock dividend from DINGA. The closing price of DINGA share is P150. What amount should be reported as dividend revenue for 2011 by PAKLAMOEH Company?
Q4. KAYAMOYAN Company provides for doubtful accounts expense at the rate of 3 percent of credit sales. The gross profit, which is 25% based on cost, is P600,000. The following data are available for the current year:
Increase in Allowance for Bad debts account P 45,000
Accounts written off during the year 60,000
Assuming there was no cash sales, sales returns and sales discounts, what is the amount of credit sales of the current year?
Q5. DONT Corp. issued rights to subscribe to its stock, the ownership of 4 shares entitling the shareholders to subscribe for 1 new share at P110. GIVEUP Co. owned 50,000 shares of DONT Corp. with total cost of P5,000,000. The share is quoted right-on at P125. The stock rights are accounted for separately. What is the cost of the new investment if all of the stock rights are exercised by GIVEUP Co.?
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