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College of Accountancy & Finance

4th Evaluation Examination – March 13, 2016


Instruction: Mark properly the letter of the best answer on the scannable answer sheet. Good luck!

1. The statement of financial position of Aliaga Company shows cash of P712,170.

The following items were found to comprise this amount:
Cash in Metrobank, per bank statement (outstanding checks as of year-end totaled P15,600)
- P297,960; Savings account at Far East Bank - P92,400; Petty cash fund (including
expense receipts of P750) - P4,500; Cash on hand (undepositied sales receipts) - P12,600;
Sinking fund cash - P60,000; Cash in foreign bank (in equivalent pesos) - P186,000;
Customers’ checks on hand: Traveler’s checks - P13,350 and Certified check - P9,360; 90-
day BSP treasury bills - P36,000.
What is the correct amount of cash and cash equivalents in Aliaga Company’s statement of financial
a. P695,820 b. P635,820 c. P599,820 d. P590,460

2. Bongabon Company’s bank statement for the month of March included the following information:
Ending balance, March 31 P560,920
Bank service charge for March 2,600
Interest paid by bank to Bongabon for March 2,140
In comparing the bank statement to its own cash records, Bongabon Company found the following:
Deposits made but not yet recorded by the bank P 73,780
Checks written and mailed but not yet recorded by the bank 130,600
In addition, Bongabon Company discovered that it had erroneously recorded a check for P920 that should
have been recorded as P1,280. What is Bongabon Company’s adjusted cash balance at March 31?
a. P560,460 b. P504,560 c. P504,100 d. P503,640

3. Cabiao Company prepared an aging of its accounts receivable at December 31, 2016 and determined that the
estimated uncollectibles on that date was P106,500. During 2016, some customers’ accounts were written
off. Additional information is available as follows:
Allowance for bad debts, December 31, 2015 (credit) P 78,750
Bad debts expense reported in profit or loss 22,500
Accounts receivable, December 31, 2016 759,375
Uncollectible accounts recovery during 2016 15,000
How much were the accounts written off during 2016?
a. P7,500 b. P9,750 c. P22,500 d. P27,750

Gapan Company
Gapan Company has the following data relating to accounts receivable for the year ended December 31,
Accounts receivable, January 1 P 406,250
Allowance for bad debts, January 1 23,000
Sales during the year, all on account terms: 5/10, 3/15, n/30 3,500,000
Cash received from customers during the year 2,825,000
Accounts written off during the year 21,875
Sales returns and allowances 17,850
An analysis of cash received from customers during the year revealed that P1,425,000 was received from
customers availing the 10-day discount period; P1,091,250 was received from customers availing the 15-day
discount period; P15,000 represented recovery of accounts written off; and the balance was received from
customers paying beyond the discount period. Gapan Company’s year-end balance of allowance for bad
debts was estimated to be 5% of the outstanding accounts receivable as at December 31, 2016 based on the
aging of the accounts.

4. Refer to Gapan Company. Accounts receivable balance at December 31, 2016 is

a. P962,775 b. P947,775 c. P932,775 d. P928,275

5. Refer to Gapan Company. Bad debts expense for the year ended December 31, 2016 is
a. P47,388.75 b. P46,638.75 c. P31,263.75 d. P30,513.75
6. At December 31, 2016, the accounting staff of Guimba Company submitted an inventory list that showed a
total of P2,937,500. The following information needs additional analysis to determine whether the items
should be included or excluded in inventory.
• Merchandise costing P50,000 were transferred to the delivery department on
December 28 for shipment on January 3, 2017. This inventory was excluded
from the inventory total.
• Supplier’s invoice for P22,500 worth of merchandise dated December 27, 2016
was received through the mails on December 30, 2016. Shipment term is FOB
destination. Since the goods arrived only on January 4, 2017, the goods were
not included in the year-end inventory.
• Goods valued at P250,000 were received from a supplier for approval and were
included in the ending inventory. The company informed their supplier by
facsimile message of the acceptance of goods on January 4, 2017.
• On December 27, 2016, an order for P31,250 worth of merchandise was placed.
This was included in the year-end inventory although the goods were received
only on January 5, 2017. Seller shipped the goods FOB destination.
What is the correct merchandise innventory of Guimba Company at December 31, 2016?
a. P2,706,250 b. P2,728,750 c. P2,737,500 d. P2,937,500

Cabanatuan Company
On September 30, 2016, a fire at Cabanatuan Company’s only warehouse caused severe damage to its entire
inventory. Based on recent history, Cabanatuan Company has a gross profit of 30%. The company is using
the gross profit method in estimating its inventory. The following information is available from Cabanatuan
Company’s records for the nine months ended September 30, 2016.
Inventory, January 1 - P825,000; Purchases - P4,500,000; Net sales - P5,460,000. A
physical inventory disclosed usable damaged goods which Cabanatuan Company estimates
can be sold to a jobber for P75,000.

7. Refer to Cabanatuan Company. What is the estimated cost of goods sold for the nine months ended
September 30, 2016 if the gross profit is based on cost?
a. P4,200,000 b. P4,125,000 c. P3,822,000 d. P3,727,500

8. Refer to Cabanatuan Company. What is the estimated cost of merchandise lost by the fire if the gross profit
is based on sales?
a. P1,503,000 b. P1,428,000 c. P1,125,000 d. P1,050,000

9. Jaen Company purchased the following used equipment at a special auction sale for P400,000: a drill press,
a lathe, and a heavy-duty air compressor. The equipment was in excellent condition except for the electric
motor on the lathe, which will cost P9,000 to replace with a new motor. Jaen Company has determined
that the selling prices for the used items in local outlets are approximately as follows: drill press - P84,000;
lathe, with good motor - P240,000; air compressor - P105,000. How much is the allocated cost of drill
press, lathe and air compressor, respectively?
a. P80,000; P220,000; P100,000 c. P78,322; P223,776; P97,902
b. P133,333; P133,333; P133,334 d. P84,000; P240,000; P105,000

10. Laur Company acquired a drilling machine on October 1, 2013 at a cost of P500,000 and depreciated it at 25%
per annum on a straight-line basis. On Octobet 1, 2015, P100,000 was spent on an upgrade to the machine
in order to improve its efficiency and increase the inflow of economic benefits over the machine’s remaining
life. According to IAS 16, Property, plant and equipment, what depreciation expense should be recognized
in profit or loss for the year ended September 30, 2016?
a. P175,000 b. P125,000 c. P150,000 d. P225,000

11. Licab Company is a manufacturer of various household cleaning agents. On June 28, 2013, the company
acquired a patent for the manufacture of a new product called “Clean All”. The cost of acquisition is
P875,000. Management expects that the patent will be useful to the company for 5 years. On January 10,
2015, the company spent P250,000 in successfully defending the patent against a competitor. During 2016,
management determines that the estimated remaining life of the patent should be extended to four years,
including the current year. The company’s policy is to amortize the cost of intangible assets using straight-
line method to the nearest full month. What is the amortization expense for the year 2016?
a. P175,000 b. P109,375 c. P103,125 d. P103,800
Pantabangan Company
On March 31, 2016, Pantabangan Company purchased 120,000 ordinary shares of Lupao Company for
P1,700,000, representing 30% of Lupao Company’s outstanding ordinary shares and an underlying equity of
P1,400,000 in Lupao Company’s net assets on January 2, 2016. The excess of the acquisition cost over the
equity acquired cannot be attributed to any tangible asset. As a result of Pantabangan Company’s 30%
ownership of Lupao Company, Pantabangan Comapany has the ability to exercise significant influence over
Lupao Company’s financial and operating policies. In March 1, June 1, September 1 and December 1, all of
2016, Lupao Company paid quarterly dividend of P0.50 per ordinary share on each of these dates. Lupao
Company’s profit for the year ended December 31, 2016 was P1,200,000 that was earned evenly throughout
the year. At December 31, 2016, each ordinary share of Lupao Company was selling at P16.

12. Refer to Pantabangan Company. What is Pantabangan Company’s income from associates for the year
a. P360,000 b. P330,000 c. P300,000 d. P270,000

13. Refer to Pantabangan Company. Assuming the excess of acquisition cost over the underlying equity
acquired is attributable to a piece of equipment with a remaining life of 5 years on the date of investment
acquisition, and depreciation on a straight-line basis, what is the investment carrying amount at December
31, 2016?
a. P1,920,000 b. P1,745,000 c. P1,730,000 d. P1,700,000

Talavera Company
On June 1, 2016, Talavera Company purchased debt investments at amortized cost, 8,000 of P1,000 face
value, 8% bonds of Zaragosa Company for P7,383,000. The bonds were purchased to yield 10% interest.
Interest is payable semi-annually on December 1 and June 1. The bonds mature on June 1, 2021. Talavera
Company uses the effective interest method of amortization. On June 1, 2017, Talavera Company sold the
bonds for P7,850,000. This amount includes the appropriate accrued interest.

14. Refer to Talavera Company. What is the gain or loss on the sale of the debt investment?
a. P368,700 b. P366,240 c. P48,700 d. P46,240

15. Refer to Talavera Company. If Talavera Company’s accounting year is the calendar year (ending December
31), how much is the interest revenue for the year ended December 31, 2016?
a. P320,000 b. P369,150 c. P371,608 d. P431,085

16. Angat Company owns land and building being used for its operations and administrative functions. The
land and building are carried in its books using the cost model and have the following data at January 1,
Cost P12,500,000
Fair value 17,500,000
Cost P25,000,000
Accumulated depreciation 16,875,000
Fair value 11,250,000
On this date, the company vacated the old building and occupied a newly constructed one located in the
commercial area of the Central Business District. The old building is then reclassified as investment
property using the fair value model. The company uses the fair value model in all of its other investment
property. What is the amount of fair value gain reported in profit or loss resulting from the reclassification
frm owner occupied to investment property due to change in use of the property?
a. P -0- b. P3,125,000 c. P5,000,000 d. P8,125,000

17. On January 1, 2016, Baliuag Company issued P10 million bonds that will mature in five years. The bond
indenture requires Baliuag Company to establish a sinking fund for the retirement of these bonds with
annual deposit every January 1, starting January 1, 2016 up to January 1, 2021 in time for the maturity of the
bonds. The fund is to be placed in a separate account to be maintained in the company’s depository bank.
Using an average annual interest rate of 10% (net of tax) expected to be earned on this investment, the
company determined that the required annual deposit to be able to accumulate a total of P10 million is
P1,489,070.20. How much is the bond sinking fund balance at December 31, 2016 after making the
required year-end adjustment in the fund?
a. P1,489,070.20 b. P1,637,977.22 c. P1,629,842.80 d. P3,127,047.42

18. The following information are made available by Bocaue Farms in Bulacan relating to its dairy livestock during
Carrying amount at January 1 P4,000,000
Fair value less cost to sell of livestock purchased during
the year 1,360,000
Increase in fair value less cost to sell due to physical changes
Increase in fair value less cost to sell due to price changes
Fair value less cost to sell of livestock sold during the year 3,560,000
What amount shall be included in gross income of Bocaue Farms as a result of the transactions on its dairy
a. P3,560,000 b. P880,000 c. P720,000 d. P160,000

19. Bustos Company follows the 5-day (Monday-Friday) work week. It pays all salaried employees on a
biweekly basis every other Friday. Overtime pay, however, is paid in the next biweekly period. Bustos
Company accrues salaries expenses only at its June 30 fiscal year end. Data relating to salaries earned in
June 2016 were as follows:
• Last payroll was paid on June 24, 2016 for the two week ended June 24, 2016.
• Overtime pay earned in the two-week period ended June 24, 2016 was
• The recurring biweekly salaries total P2,880,000.
• In the remaining work days of June, overtime pay earned amounted to P72,000.
How much should Bustos Company report as accrued salaries at June 30, 2016?
a. P1,152,000 b. P1,188,000 c. P1,404,000 d. P1,476,000

20. Calumpit Company is engaged in a sales promotion, giving a rebate of P6.00 for every food box returned. It
is estimated that 80% of the food boxes will be returned and receive the rebate. Included in the
promotions and sold are 50,000 boxes with the selling price of P1,875,000. Rebates already given
amounted to P72,000. How much is the remaining liability?
a. P240,000 b. P228,000 c. P168,000 d. P72,000

Malolos Corporation
On July 1, 2016, Malolos Corporation issued P5,000,000 of its 10%, 7-year bonds with one detachable
warrant attached to each P1,000 bond. Each warrant provides for the right to purchase 20 shares of P15
par value ordinary for P20 each. The market value of the ordinary share was P25 each day at July 1, 2015.
At that time, the bonds without the warrants are selling at 97. The compound financial instrument was sold
at 104.

21. Refer to Malolos Corporation. What is the bond issue price allocated to the debt?
a. P5,200,000 b. P5,000,000 c. P4,850,000 d. P350,000

22. Refer to Malolos Corporation. Assuming that all the warrants are exercised and recorded in the accounts,
how much is the amount credited to share premium - ordinary?
a. P850,000 b. P530,000 c. P500,000 d. P350,000

23. At the beginning of 2016, Hagonoy Company had retained earnings of P3,000,000. Throughout the year,
the company had 20,000 shares of P100 par value ordinary shares that are issued and outstanding. During
the year 2016, Hagonoy Company reported profit of P5,000,000, purchased treasury shares for P580,000,
declared cash dividends of P1,500,000, reissued all treasury shares at a gain of P180,000, and declared and
issued 5,000 ordinary shares as bonus issue when the market value was P150 per share. What is the
retained earnings balance at December 31, 2016?
a. P6,180,000 b. P6,000,000 c. P5,930,000 d. P5,750,000
24. On January 1, 2013, the shareholders of Marilao Company, a calendar year corporation, approved a plan and
granted the company’s three executives options to purchase a total of 9,000 shares of the company’s P100
par value ordinary shares. The option may be exercised for one year effective January 1, 2016. Based on
an option pricing model, the fair value of the option is P60. The option price per share is P120. On
February 14, 2015, one of the executives who was granted an option to purchase 2,400 shares, decided to
resign from the organization. On January 21, 2016, the remaining executives exercised their options. How
much is the compensation expense in the year 2015?
a. P180,000 b. P132,000 c. P36,000 d. P -0-

Plaridel Corporation
Plaridel Corporation leased equipment to Pandi Company on January 1, 2016. The lease is for an eight-year
period expiring on December 31, 2023. The first of eight equal annual payments of P720,000 was made on
January 1, 2016 and subsequent payments will be made every January 1 thereafter. Plaridel Corporation
had purchased the equipment on December 29, 2015 for P3,840,000. Plaridel Corporation paid P120,000 in
connection with negotiating and arranging the lease. The lease is appropriately accounted for as a dealer’s
lease by Plaridel Corporation. The present value at January 1, 2016 of all rent payments over the lease term
discounted at a 10% interest rate was P4,224,000.

25. Refer to Plaridel Corporation. What is the total income relating to the lease that Plaridel Corporation
should recognize in 2016?
a. P264,000 b. P384,000 c. P614,400 d. P734,400

26. Refer to Plaridel Corporation. What is Plaridel Corporation’s net investment in the lease at December 31,
a. P3,854,400 b. P3,504,000 c. P3,447,200 d. P3,134,400

Arayat Company
The reported pretax financial income of Arayat Company is P7,200,000 and current income tax rate is 30%.
Assume the following differences between the financial income and taxable income for the year.
• Fines paid for late payment of taxes, P60,0000.
• Premiums paid on life insurance policy on officers, P800,000. Beneficiary
named in the policy is Arayat Company.
• Impairment loss recognized on goodwill, P360,000.
• Excess of tax depreciation over book depreciation, P120,000.
• Excess of warranty expense over actual expenditures, P108,000.
• Excess of estimated uncollectible accounts for financial reporting over the
accounts actually written off for tax reporting, P48,000.
• Rent collected in advance of period earned, P140,000.

27. Refer to Arayat. Taxable income is

a. P8,596,000 b. P8,420,000 c. P8,316,000 d. P8,244,000

28. Refer to Arayat Company. Deferred tax asset and deferred tax liabilities, respectively, are
a. P36,000 and P88,800 c. P46,800 and P78,000
b. P88,800 and P36,000 d. P78,000 and P46,800

29. The following information is taken from Apalit Company’s 2016 profit and loss:
Profit before income taxes P6,750,000
Income tax expense:
Current P2,538,000
Deferred 2,727,000
Profit P4,023,000
Apalit Company’s first year of operation was 2016. The company has a 30% tax rate. Management
decided to use accelerated depreciation for tax purposes and the straight-line method for financial reporting
purposes. The amount charged to depreciation expense in 2016 was P2,700,000. Assuming the
temporary difference existed between the book income and taxable income, what amount did Apalit
Company deduct on its tax return for 2016?
a. P2,070,000 b. P2,700,000 c. P2,880,000 d. P3,330,000
30. Bacolor Company had pretax accounting income of P2,400,000 during 2016. Bacolor Company’s temporary
difference for 2016 relates to a sale made in 2015 and recognized for accounting purposes at that time.
However, Bacolor Company uses the installment sales method of revenue recognition for tax purposes.
During 2016, Bacolor Company collected a receivable from the 2015 sale which resulted in P600,000 of
income under the installment sales method. What is Bacolor Company’s taxable income for 2016?
a. P600,000 b. P1,800,000 c. P2,400,000 d. P3,000,000

31. Candaba Company prepared the following reconciliation of income per books with income per tax return for
the year ended December 31, 2016.
Book income before taxes P4,500,000
Construction contract revenue which will reverse in 2017 600,000
Depreciation expense which will reverse in equal amounts
in each of the next five years (2,400,000)
Taxable income P2,700,000
What amount should Candaba Company report in its 2016 income statement as total provision for income
tax? Assume a 30% tax rate.
a. P540,000 b. P810,000 c. P1,350,000 d. P2,304,000

32. The books of Guagua Company for the year ended December 31, 2015 showed pretax income of P4,320,000.
In computing the taxable income for income tax purposes, the following temporary differences were taken
into account.
Depreciation deducted for tax purposes in excess of
depreciation recorded in the books P192,000
Income from installment sales reportable for tax purposes
in excess of income recognized in the books 144,000
What should Guagua Company record as current income tax liability at December 31, 2015, assuming a
corporate income tax rate of 30%?
a. P1,123,200 b. P1,281,600 c. P1,296,000 d. P1,310,400

Mabalacat Company
Mabalacat Company’s income statement for the year ended December 31, 2016 shows pretax income of
P5,000,000. The company’s tax rate for 2016 is 30%. The following items are treated differently in the tax
return and in the accounting records:
Tax Accounting
return records
Rent revenue P 350,000 P 600,000
Depreciation expense 1,400,000 1,100,000
Premiums on officers’ life insurance -

33. Refer to Mabalacat Company. What is Mabalacat Company’s financial income subject to tax?
a. P5,450,000 b. P5,000,000 c. P4,900,000 d. P4,550,000

34. Refer to Mabalacat Company. What is the amount of income tax payable for 2016?
a. P1,335,000 b. P1,470,000 c. P1,500,000 d. P1,800,000

35. Macabebe Company prepared reconciliation between pretax financial income and taxable income at
December 31, 2016, the end of its first year of operations.
Pretax financial income P 3,600,000
Rent collected in advance of period earned 1,200,000
Tax depreciation in excess of book depreciation (5,400,000)
Taxable income P (600,000)
The deferred tax asset resulting from the operating loss carryforward is believed to be 100% realizable.
Income tax rate is 30%. What is the income tax expense (benefit) for the year 2016?
a. P1,440,000 b. P1,260,000 c. P1,080,000 d. P360,000

Lubao Company
Lubao Company provides retirement benefits to employees through defined contribution plan. The plan
provides that Lubao Company shall contribute annually 9% of gross payroll to a funding agency. In addition,
the entity is also required to contribute 6% of annual sales exceeding P15,000,000. During 2016, gross
payroll of the company was P8,125,000 and total sales amounted to P36,250,000.
36. Refer to Lubao Company. How much is the retirement benefit expense taken to profit or loss for the year
a. P2,006,250 b. P1,856,250 c. P1,275,000 d. P731,250

37. Refer to Lubao Company. Assuming that during 2016, the company contributed P2,125,000 to the trustee.
How much is the prepaid or accrued benefit arising from the transaction?
a. P118,750 accrued c. P850,000 accrued
b. P118,750 prepaid d. P850,000 prepaid

Porac Company
Porac Company showed in its memorandum records the following balances for the year 2016.
Fair value of pension plan assets, January 1 P5,750,000
Fair value of pension plan assets, December 31 6,187,500
Contributions to the plan 625,000
Benefits paid to the retiree 875,000
Interest cost used by the entity

38. Refer to Porac Company. What is the actual return on pension plan assets?
a. P187,500 b. P575,000 c. P618,750 d. P687,500

39. Refer to Porac Company. What is the amount of actuarial gain or loss that will be taken to other
comprehensive income?
a. P112,500 loss b. P112,500 gain c. P43,750 loss d. P43,750 gain

Moncada Company
On January 1, 2016, Moncada Company had the following balances in its memorandum records:
Fair value of plan assets P3,200,000
Accrued benefit obligation 3,000,000
Other data related to the retirement benefit plan for 2016 are as follows:
Current service cost P140,000
Discount rate
Contribution to the plan 204,000
Benefits paid 200,000
Actual return on plan assets 185,000
The benefit obligation at December 31, 2016 was remeasured at P3,300,000.

40. Refer to Moncada Company. The retirement benefit expense for 2016 taken to profit or loss is
a. P71,000 b. P122,000 c. P193,000 d. P315,000

41. Refer to Moncada Company. How much is the net actuarial gain/loss taken to other comprehensive income
during the year 2016?
a. P193,000 gain b. P193,000 loss c. P13,000 gain d. P13,000 loss

42. Refer to Moncada Company. How much is the defined benefit liability/asset reported at December 31,
a. P89,000 asset c. P422,000 asset
b. P89,000 liability d. P422,000 liability

Paniqui Company
The following transactions affected the owners’ equity for Paniqui Company during 2016. At the beginning
of the year, there are 100,000 ordinary shares outstanding.
February 1 20,000 ordinary shares were sold in the market.
April 1 Purchased 5,000 ordinary shares to be held as treasury.
July 1 Issued P1,000,000, 5-year, 12% convertible bonds at face value. Each P1,000
bond is convertible into 50 ordinary shares.
July 1 35,000 ordinary shares were sold.
October 1 A 5% bonus issue was declared and distributed.
Profit for the year ended December 31, 2016 is P2,120,000. The tax rate is 30%.

43. Refer to Paniqui Company. How much is the basic earnings per share?
a. P21.93 b. P15.29 c. P11.54 d. P11.06

44. Refer to Paniqui Company. How much is the diluted earnings per share?
a. P13.58 b. P13.36 c. P13.22 d. P13.11

Lingayen Company
Lingayen Company’s profit for 2016 is P5,500,000. The only potential dilutive securities outstanding were
50,000 options issued during 2015, each exercisable for one share at P60. There were 200,000 ordinary
shares outstanding throughout 2016. The average market price of the ordinary share during the year was
P75. At December 31, 2016, the price per ordinary share is P80.

45. Refer to Lingayen Company. What is the basic earnings per share?
a. P22.00 b. P25.88 c. P26.19 d. P27.50

46. Refer to Lingayen Company. What is the diluted earnings per share?
a. P22.00 b. P25.88 c. P26.19 d. P27.50

47. Manaoag Corporation’s capital structure was as follows:

12/31/2015 12/31/2016
Outstanding shares:
Ordinary share 110,000 110,000
Convertible preference share 10,000 10,000
During 2016, Manaoag Corporation paid dividends of P3.00 per share on its preference shares. The
preference shares are convertible into 20,000 ordinary shares and are considered potential ordinary shares.
Profit for 2016 was P850,000. Income tax rate is 30%. The diluted earnings per share for 2016 is
a. P6.31 b. P6.54 c. P7.08 d. P7.45

48. Camiling, Inc. had 150,000 shares issued and outstanding at December 31, 2015. On July 1, 2016, an
additional 25,000 ordinary shares were issued for cash. Camiling, Inc. also had unexercised share options to
purchase 20,000 ordinary shares at P15 per share outstanding at the beginning and end of 2016. The
market price of Camiling, Inc. ordinary share was P20 throughout 2016. What number of shares should be
used in computing diluted earnings per share for the year ended December 31, 2016?
a. 162,500 b. 167,500 c. 169,167 d. 180,000

Capas Company
The profit available for ordinary shareholders of Capas Company for the years 2015 and 2016 are P840,000
and P1,400,000, respectively. The ordinary shares issued and outstanding were 8,000 at January 1, 2016.
The company offered existing shareholders a rights issue of one for five shares at a price of P60 per share to
be exercised on April 1, 2016. The market value of the company’s shares on that date was P100 per share.

49. Refer to Capas Company. For comparative information on 2016 financial statements, the basic earnings per
share for 2015 is
a. P83.60 b. P87.60 c. P98.13 d. P105.20

50. Refer to Capas Company. The basic earnings per share for 2016 is
a. P136.40 b. P149.89 c. P163.60 d. P175.20

End of Examination