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5. Grant Company accepted a ₱400,000 face value, 6-month, 10 percent note dated May 15 from a
customer. On that same date Grant discounted the note at Eagle National Bank at a 12 percent
discount rate. How much cash should Grant receive from the bank on May 15?
a. ₱400,000
b. ₱396,000
c. ₱394,800
d. ₱387,200
d. none of these.
7. Cross Co. accepted delivery of merchandise which it purchased on account. As of December 31,
Cross had recorded the transaction, but did not include the merchandise in its inventory. The
8. All of the following costs should be expensed in the period they are incurred except for
a. manufacturing overhead costs for a product manufactured and sold in the same accounting
period.
d. storage costs that are necessary in bringing the asset to its intended condition.
9. Which of the following cost flow formulas can be applied by an entity whose inventories that are
a. LIFO
b. FIFO
d. b or c
10. On June 1, 2004, Noll Corp. sold merchandise with a list price of ₱30,000 to Linn on account. Noll
allowed trade discounts of 30% and 20%. Credit terms were 2/15, n/40 and the sale was made f.o.b.
shipping point. Noll prepaid ₱600 of delivery costs for Linn as an accommodation. On June 12,
11. The following information was derived from the 2004 accounting records of Kelly Co.:
Kelly's Goods
Futsal in school physical education classes has a very important role which is to develop citizens and not
create athletes.
The laws of the game of Futsal encourage playing skillfully and punish physical contact fouls.
Through promotional campaigns on the main social media sites will expose your sports to a broad
audience. Design a website or page that will be serve as your main platform to promote the game and
interact with your audience. You can also encourage/ promote through Twitter, Facebook, and
Instagram by posting all the benefits and good reasons why everyone must play futsal game.