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PIMSAT COLLEGES

Dagupan City
College of Business and Accountancy

PIMSAT COLLEGES
Dagupan City
Financial Accounting and Reporting III
Quiz No. 2
CHAPTER II

Name: __________________________________________________ Course: ________________


Schedule: _______________________________________________ Score: __________________

Part I.
Easy Company provided the following information on December 31,2015:

Accounts Payable 350,000

Accounts Receivable 450,000

Property, plant and equipment 5,600,000

Accumulated depreciation 1,200,000

Mortgage Payable, due in 5 years 1,500,000

Share Capital, P100 par 4,000,000

Share Premium 500,000

Cash and Cash equivalents 800,000

Accrued Expenses 100,000

Inventories 900,000

Long-term investments 950,000

Note Payable 700,000

Office Supplies Unused 50,000

Patent 800,000

Prepaid Rent 150,000

Retained Earnings 1,350,000

Required: Prepare in good form a statement of financial position.

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PIMSAT COLLEGES
Dagupan City
College of Business and Accountancy

Part II: Straight Problem Solving

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PIMSAT COLLEGES
Dagupan City
College of Business and Accountancy

Direction: Answer the question of each item by encircling the letter of your answer.
Show your solutions. Double rule and encircle your final answer.

Problem 1

The general ledger trial balance of Darwin Company included the following accounts
on December 31, 2013.

Inventory 1,000,000

Accounts receivable 1,200,000

Prepaid Insurance 100,000

Financial Assets held for trading 200,000

Financial Assets at fair value through other comprehensive income 800,000

Cash 300,000

Deferred tax asset 150,000

Bank Overdraft 250,000

What amount should be reported as total current assets on December 31,2013?

a. 2,800,000

b. 2,550,000

c. 3,600,000

d. 2,100,000

Problem 2

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PIMSAT COLLEGES
Dagupan City
College of Business and Accountancy

Pamela Company provided the following adjusted account balances on December


31,2013:

Wages Payable 250,000

Cash 200,000

Mortgage Payable 1,500,000

Dividends Payable 150,000

Prepaid Rent 100,000

Inventory 800,000

Sinking Fund 500,000

Short term investments 300,000

Investment in Associates 2,000,000

Taxes Payable 220,000

Accounts Payable 240,000

Accounts Receivable 350,000

What total amount should be reported as current assets on December 31,203?

a. 2,250,000

b. 1,750,000

c. 3,750,000

d. 4,250,000

Problem 3

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PIMSAT COLLEGES
Dagupan City
College of Business and Accountancy

Mill Company provided the following account balances on December 31,2013:

Accounts Payable 1,500,000

Bonds Payable, due 2014 2,500,000

Discount on Bonds Payable (300,000)

Dividends Payable 800,000

Note Payable, due 2015 2,000,000

What total amount of current liabilities should be reported?

a. 4,500,000

b. 5,100,000

c. 6,500,000

d. 7,800,000

Problem 4

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PIMSAT COLLEGES
Dagupan City
College of Business and Accountancy

Jam Company had P2,000,000 note payable that is due on February 28,2014. The
entity borrowed P1,600,000 on February 25,2014 which has a five year term and used
the proceeds to pay down the note and used other cash to pay the balance. How much
of the P2,000,000 note is classified as noncurrent in the December 31,2013 financial
statements that were issued on March 31,2014?

a. 2,000,000

b. 1,600,000

c. 400,000

d. 0

Problem 5

The unadjusted current assets and shareholders' equity of United Company on


December 31,2013 are as follows:

Cash 600,000

Financial assets at fair value 1,000,000

Trade Accounts Receivable 3,500,000

Inventory 1,500,000

Share Capital 5,000,000

Share Premium 2,000,000

Retained Earnings 500,000

What amount should be reported as total shareholders' equity?

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PIMSAT COLLEGES
Dagupan City
College of Business and Accountancy

a. 7,200,000

b. 7,500,000

c. 7,800,000

d. 5,200,000

- END OF QUIZ -

Prepared by:

Ravenna M. Dela Cruz


Instructor

Checked and Reviewed by:

Dr. Arthur G. Tangco


Dean, College of Business and Accountancy

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