AC 518 2nd Long Exam 2014 (ANSWERS)

A.
1) Cash-Collecting Officers 1,575,000

Tuition Fees 800,000
Library Fees 100,000
Affiliation Fees 250,000
Printing & Publication Income 300,000
Diploma & Graduation Fees 75,000
Miscellaneous Income 50,000
2) Cash in Bank LCCA 1,575,000

Cash Collecting Officer 1,575,000
3) IT Equipment and Software 100,000

Due to BIR 5,000
Cash in Bank LCCA 95,000
4) Janitorial Services 30,000

Security Services 50,000
Due to BIR 4,300
5) Office Supplies Inventory 100,000

Due to BIR 5,000
6) Due to BIR 14,300

B.
1) Cash-Collecting Officers 750,000
Due to National Treasury 750,000
Clearance & Certification Fees 200,000
Inspection Fees 100,000
Permit Fees 250,000
Processing Fees 150,000
Other Service Income 50,000
2) Due to National Treasury 750,000

Clearance & Certification Fees 200,000
Inspection Fees 100,000
Permit Fees 250,000
Processing Fees 150,000
Cash-Collecting Officers 750,000
C.
Department of Education (DepED) Department of Science and Technology (DOST)
1) Memo entry in RAOCO P 750,000
2) Cash-NT-MDS 750,000
SING 750,000
3) Due from NGAs 500,000 1) Cash-Collecting Officers 500,000
Cash-NT-MDS 500,000 Due to Other NGAs 500,000
2) Due from National Treasury 500,000
Cash-Collecting Officer 500,000
3) Cash-NT-MDS 500,000
Due from National Treasury 500,000
4) Communication Equipment 190,000
Medical, Dental, Lab Equip. 230,000
IT Equipment 45,000
Cash-NT-MDS 465,000
4) Communication Equipment 190,000 5) Due to Other NGAs 465,000
Medical, Dental, Lab Equip. 230,000 Communication Equipment 190,000
IT Equipment 45,000 Medical, Dental, Lab Equip. 230,000
Due from NGAs 465,000 IT Equipment 45,000
5) Cash-Collecting Officer 35,000 6) Due to Other NGAs 35,000
Due from NGAs 35,000 Cash-NT-MDS 35,000
6) SING 35,000
Cash-Collecting Officer 35,000
7) Negative posting in obligation column of RAOCO
P 35,000.
D.
1) Cash-Collecting Officers 125,000
Seminar Fees 125,000
2) Cash in Bank LCCA 125,000

Cash-Collecting Officers 125,000
3) Office Supplies Expenses 27,500

Due to BIR 1,230
4) Food Supplies Expenses 45,000

Due to BIR 2,800
5) Postage and Deliveries 5,000

Other Professional Services 35,000
6) Due to BIR 4,030

7) Seminar Fees 12,500

Due to National Treasury 12,500
8) Due to National Treasury 12,500

E.
1) Memo entry in RAOMO P 13,000.
2) Due from Officers and Employees 13,000

Cash-NT-MDS 13,000
3) Traveling Expenses Local 12,350

Due from Officers and Employees 12,350
4) Cash-Collecting Officers 650
Due from Officers and Employees 650
5) Negative posting in obligation column of RAOMO P 650.
6) Subsidy Income from National Government 650

Cash-Collecting Officers 650
F.
Required 1
Adjusting Entries
1) Accumulated Depreciation-Office Building 300,000
Prior Years Adjustment 300,000
2) Depreciation-Office Building 900,000

Accumulated Dep.-Office Building 900,000
3) Accumulated Depreciation-Office Equip. 1,125,000

Prior Years Adjustment 1,125,000
4) Depreciation-Office Equipment 2,250,000

Accumulated Dep.-Office Equip. 2,250,000
5) Year End Bonus 80,000

Due to Officers and Employees 80,000
6) Electricity Expenses 35,000

Accounts Payable 35,000
7) Office Supplies Expense 190,000

Office Supplies Inventory 190,000
8) Insurance Expense 540,000

Prepaid Insurance 540,000
Closing Entries
1) SING 190,000
Cash-NT-MDS 190,000
2) SING 9,810,000
Rent Income 350,000
Income and Expense Summary 10,560,000
3) Income and Expense Summary 13,776,000

Salaries and Wages-Regular Pay 7,500,000
PERA 650,000
Representation Allowance 250,000
Transportation Allowance 250,000
Traveling Expense-Local 475,000
Gasoline, Oil and Lubricant Expenses 250,000
Electricity Expenses 385,000
Postage and Deliveries 56,000
Depreciation-Office Buildings 900,000
Depreciation-Office Equipment 2,250,000
Year End Bonus 80,000
Office Supplies Expenses 190,000
Insurance Expense 540,000
4) Retained Operating Surplus 3,216,000

Income and Expense Summary 3,216,000
5) Prior Years Adjustment 1,500,000

Retained Operating Surplus 1,500,000
6) Government Equity 1,716,000

Retained Operating Surplus 1,716,000
Required 2
2.1
Department of Environment and Natural Resources
Statement of Income and Expenses
For the Year Ended December 31, 2012
Income:
Subsidy Income from National Government 9,810,000
Rent Income 350,000
Total Income 10,560,000
Less: Expenses
Personal Services:
Salaries and Wages-Regular Pay 7,500,000
PERA 650,000
Representation Allowance 250,000
Transportation Allowance 250,000
Year End Bonus 80,000 8,730,000
Maintenance & Other Operating Expenses:

Traveling Expense-Local 475,000
Gasoline, Oil and Lubricant Expenses 250,000
Electricity Expenses 385,000
Postage and Deliveries 56,000
Depreciation-Office Buildings 900,000
Depreciation-Office Equipment 2,250,000
Office Supplies Expenses 190,000
Insurance Expense 540,000 5,046,000
Total Expenses 13,776,000
Excess of Expenses over Income P 3,216,000
=========
2.2
Statement of Government Equity
As of December 31, 2012
Government Equity, beginning P 18,031,000

Retained Operating Surplus
From Current Operations (3,216,000)
Prior Years Adjustment 1,500,000 (1,716,000)
Government Equity, end P 16,315,000
==========
2.3
Balance Sheet
As of December 31, 2012
ASSETS
Accounts Receivable P 50,000
Due from Officers and Employees 30,000
Office Supplies Inventory 20,000
Prepaid Insurance 180,000 280,000
Office Building 25,000,000
Less: Accum. Dep. (12,600,000) 12,400,000
-Office Building
Office Equipment 12,500,000
Less: Accum. Dep. (8,625,000) 3,875,000 16,275,000
-Office Equipment
TOTAL ASSETS P 16,555,000

==========
LIABILITIES & GOVERNMENT EQUITY
Accounts Payable 160,000

Due to Officers and Employees 80,000
Total Liabilities 240,000
Government Equity 16,315,000

TOTAL LIABILITIES & GOVERNMENT EQUITY P 16,555,000
==========

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A.

1) Cash-Collecting Officers 1,575,000

2) Cash in Bank LCCA 1,575,000

3) IT Equipment and Software 100,000

4) Janitorial Services 30,000

5) Office Supplies Inventory 100,000

6) Due to BIR 14,300

2) Due to National Treasury 750,000

2) Cash in Bank LCCA 125,000

3) Office Supplies Expenses 27,500

4) Food Supplies Expenses 45,000

5) Postage and Deliveries 5,000

6) Due to BIR 4,030

7) Seminar Fees 12,500

8) Due to National Treasury 12,500

2) Due from Officers and Employees 13,000

3) Traveling Expenses Local 12,350

5) Negative posting in obligation column of RAOMO P 650.

6) Subsidy Income from National Government 650

2) Depreciation-Office Building 900,000

3) Accumulated Depreciation-Office Equip. 1,125,000

4) Depreciation-Office Equipment 2,250,000

5) Year End Bonus 80,000

6) Electricity Expenses 35,000

7) Office Supplies Expense 190,000

8) Insurance Expense 540,000

3) Income and Expense Summary 13,776,000

4) Retained Operating Surplus 3,216,000

5) Prior Years Adjustment 1,500,000

6) Government Equity 1,716,000

Maintenance & Other Operating Expenses:

Government Equity, beginning P 18,031,000

TOTAL ASSETS P 16,555,000

LIABILITIES & GOVERNMENT EQUITY

Accounts Payable 160,000

Government Equity 16,315,000

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