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Psa 2 Key Answer

This document contains a quiz with multiple choice, true/false, and problem solving questions related to accounting. The problem solving section includes 21 questions calculating inventory, sales, purchases, returns, discounts, and other accounting related concepts.

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Djunah Arellano
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48 views3 pages

Psa 2 Key Answer

This document contains a quiz with multiple choice, true/false, and problem solving questions related to accounting. The problem solving section includes 21 questions calculating inventory, sales, purchases, returns, discounts, and other accounting related concepts.

Uploaded by

Djunah Arellano
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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AE 112

PRELIM SUMMATIVE ASSESSMENT - QUIZ 2


Ist SEMESTER AY 2020-2021

TRUE OR FALSE MULTIPLE CHOICE PROBLEM SOLVING:


1 False 1 B 1 251,250.00 12 133,650.00
2 True 2 A 2 147,000.00 13 203,750.00
3 True 3 C 3 247,300.00 14 60,000.00
4 False 4 D 4 1,000.00 15 200,000.00
5 False 5 B 5 111.00 16 467,700.00
6 False 6 B 6 294,300.00 17 27,930.00
7 True 7 B 7 3,700.00 18 77,000.00
8 A 8 213,750.00 19 50,000.00
9 D 9 JE 20 25,000.00
10 A 10 JE 21 JE
11 76,000.00
PROBLEM SOLVING
1 Beginning inventory (P5,000 / 80%) 6,250.00
Purchases 250,000.00
Total goods available for sale 256,250.00
Ending inventory (5,000.00)
Cost of goods sold 251,250.00

2 Purchases 150,000.00
Purchase discount (3,000.00)
Net purchases 147,000.00
Purchases 150,000.00
Freight-in 500.00
Purchase discount (3,000.00)
Net purchases 147,500.00

3 Invoice cost 250,000.00


Purchase discount (P250,000 x 1%) (2,500.00)
Freight paid by the buyer (receivable) (200.00)
Net payment 247,300.00

4 Sales (P5,000 x 120%) 6,000.00


Cost of the merchandise (5,000.00)
Gross profit 1,000.00

5 Net purchases 1,176.00


Ending inventory (176.00)
Cost of goods sold 1,000.00

Sales (P1,000 / 90%) 1,111.00 100%


Cost of goods sold (1,000.00) 90%
Gross profit 111.00 10%

6 Invoice price 300,000.00


Purchase discount (P300,000 x 2%) (6,000.00)
Net purchase 294,000.00
Freight paid by seller 300.00
Total payment 294,300.00

7 Sales 15,000.00
Sales discount (1,000.00)
Net sales 14,000.00
Cost of sales:
Purchases 10,000.00
Purchase returns (100.00)
Freight-in 400.00 (10,300.00)
Gross profit 3,700.00

8 Purchases (P250,000 x 90% x 95%) 213,750.00


Accounts Payable 213,750.00

9 Books of L:
Accounts Receivable 500.00
Cash 500.00

Books of Y:
Freight-in 500.00
Accounts Payable 500.00

10 Accounts Payable 20,000.00


Purchase Returns 20,000.00

11 Accounts Receivable (P80,000 x 95%) 76,000.00

12 Invoice price (P150,000 x 90%) 135,000.00


Sales discount (P135,000 x 1%) (1,350.00)
Amount collected 133,650.00

13 Invoice price (P250,000 x 90% x 95%) 213,750.00


Sales returns (10,000.00)
Amount collected 203,750.00

14 Beginning inventory (squeezed figure) 10,000.00


Purchases 300,000.00
Total goods available for sale 310,000.00
Cost of sale (250,000.00)
Ending inventory 60,000.00

15 Sales 1,000,000.00
Gross profit (100,000.00)
Cost of sales 900,000.00

Goods available for sale 1,100,000.00


Cost of sales (900,000.00)
Ending inventory 200,000.00

16 Cost of merchandise available for sale 550,000.00


Merchandise inventory, beginning (85,300.00)
Net purchases 464,700.00
Purchase returns and allowances 3,000.00
Gross purchases 467,700.00

17 Invoice price 30,000.00


Sales returns (1,500.00)
Sales discounts (P28,500 x 2%) (570.00)
Net sales 27,930.00

18 Sales 440,000.00
Sales returns and allowances (3,000.00)
Net sales 437,000.00
Cost of merchandise sold (200,000.00)
Gross profit 237,000.00
Total operating expenses (160,000.00)
Net income 77,000.00

19 Beginning inventory 90,000.00


Purchases 150,000.00
Total goods available for sale 240,000.00
Ending inventory (40,000.00)
Cost of sales 200,000.00

Sales 250,000.00
Cost of sales (200,000.00)
Gross profit 50,000.00

20 Purchases 1,200,000.00
Purchase returns (200,000.00)
Purchase discounts (20,000.00)
Freight-in 250,000.00
Goods available for sale (net purchases) 1,230,000.00
Cost of sale (930,000.00)
Ending inventory per books 300,000.00
Actual inventory per count (275,000.00)
Inventory shortage 25,000.00

21 Freight-in 200.00
Cash 200.00

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