Reference no: EM133151963
Questions -
Q1. Ernst Company experienced the following changes in selected accounts for the current year:
Accrual sales- P6,000,000
Account receivable, January 1- P1,000,000
Account receivable, December 31- P900,000
Advances from customers, January 1- P300,000
Advances from customers, December 31- P800,000
How much was received from customers during the year?
Q2. Information relating to the operating segments of XYZ Company for the year 2021, is presented below are the profit (loss):
Segment 1- P3,000,000
Segment 2- P2,200,000
Segment 3- P(700,000)
Segment 4- P(3,000,000)
Segment 5- P1,800,000
Segment 6- P(4,000,000)
Based on the above information, the reportable segments are:
a. 1, 2, 4, 5, 6
b. 3, 4, 6
c. 1, 2, 5
d. 1, 2, 3, 4, 5, 6
Q3. ABC Company acquired a fire insurance on Nov. 1, 2021. The company paid P12,000 for the said annual insurance. ABC uses asset method. What is the amount of Prepaid Insurance to be reflected on ABC Company Statement of Financial Position at the end of the year?
a. P2,000
b. P0
c. P12,000
d. P10,000
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