Reference no: EM133151952
Questions -
Q1. Yeontan Company is engaged in a small export business. The company maintain limited records. Most of the company's transactions are summarized in a cash journal; non cash transactions are recorded by making memo entries. The following are abstracted from the company's records:
Accounts receivable- P350,000 increase
Accounts payable- P200,000 decrease
Notes payable (Trade)- P150,000 decrease
Sales returns (50,000 was refunded)- P100,000
Sales discounts- P10,000
Purchase return (30,000 was refunded)- P80,000
Purchase discount- P15,000
Accounts written off- P60,000
Cash sales- P350,000
Cash purchases- P150,000
Cash received from account customers- P1,800,000
Cash payment to trade creditors- P1,300,000
What is the amount of gross purchase?
a. P1,015,000
b. P1,195,000
c. P1,165,000
d. P1,315,000
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. P115,000
c. P20,000
d. P117,000
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