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    FDNACCT - Mock Exam - Answer Key - 3 - Fill in The Blank Problems PDF

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    James de Leon
    The document provides financial information for two companies, including income statements, balance sheets, and other accounting schedules. It reports sales, expenses, assets, liabilities, and other line items. It also includes examples of calculations for various accounting entries like interest, depreciation, allowance for doubtful accounts.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    FDNACCT - Mock Exam - Answer Key - 3 - Fill in The Blank Problems PDF

    Uploaded by

    James de Leon
    62 views5 pages
    The document provides financial information for two companies, including income statements, balance sheets, and other accounting schedules. It reports sales, expenses, assets, liabilities, and other line items. It also includes examples of calculations for various accounting entries like interest, depreciation, allowance for doubtful accounts.

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    FDNACCT_Mock Exam_Answer Key_3_Fill in the Blank Problems.pdf

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    The document provides financial information for two companies, including income statements, balance sheets, and other accounting schedules. It reports sales, expenses, assets, liabilities, and other line items. It also includes examples of calculations for various accounting entries like interest, depreciation, allowance for doubtful accounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    62 views5 pages

    FDNACCT - Mock Exam - Answer Key - 3 - Fill in The Blank Problems PDF

    Uploaded by

    James de Leon
    The document provides financial information for two companies, including income statements, balance sheets, and other accounting schedules. It reports sales, expenses, assets, liabilities, and other line items. It also includes examples of calculations for various accounting entries like interest, depreciation, allowance for doubtful accounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    Sales 485,000

    Sales Discounts 2,540


    Sales Returns & Allowances 14,280 - 16,820
    Net Sales 468,180

    Merchandise Inventory, opening 240,000


    Net cost of purchases
    Purchases 680,000
    Purchase Returns & Allowances 21,640
    Purchase Discounts 5,800 - 27,440
    Net purchases 652,560
    Freight In 41,500 694,060
    Total goods available for sale 934,060
    Merchandise Inventory, closing - 215,000
    Cost of goods sold 719,060

    Accounts Receivable 11,000


    Cash 15,000
    Prepaid Insurance Expense 6,000
    Supplies 4,000
    Current assets 36,000
    Salaries Expense 19,000 half
    Depreciation Expense - building 12,000 half
    Office supplies Expense 3,500
    General and administrative epenses 34,500

    Merchandise Inventory, opening 77,000


    Net cost of purchases
    Purchases 415,000
    Purchase Returns & Allowances 39,000
    Purchase Discounts 19,000 - 58,000
    Net purchases 357,000
    Freight In 42,000 399,000
    Total goods available for sale 476,000
    Net sales 532,000
    Cost of goods sold - 395,000
    Gross profit 137,000

    Sales 600,000
    Sales Returns & Allowances 33,000
    Sales Discounts 35,000 - 68,000
    Net Sales 532,000

    Merchandise Inventory, opening 77,000


    Net cost of purchases
    Purchases 415,000
    Purchase Returns & Allowances 39,000
    Purchase Discounts 19,000 - 58,000
    Net purchases 357,000
    Freight In 42,000 399,000
    Total goods available for sale 476,000
    Merchandise Inventory, closing - 81,000
    Cost of goods sold 395,000

    List price 30,000


    Trade discount - 12,000
    Invoice price 18,000
    FOB DP, collect - 700
    Accounts Receivable 17,300

    Principal 200,000 September 16


    Interest income 4,000 October 31
    Maturity value 204,000 November 5
    Interest expense - 3,468 =MV x 9% x 68/360 Lapsed 52
    Proceeds 200,532 DP 68
    List price 350,000
    Trade discount - 35,000
    Invoice price 315,000
    Partial payment - 200,000
    Cash discount - 6,300
    Payment - November 11 108,700

    Precollections 12,500
    Rent Revenue - 7,500 =P12,500/5*3
    Unearned Rent Revenue 5,000

    Office Supplies
    1,200,000 1,900,000 Expense, so credit
    workback = 375K + 1900K - 1200K 1,075,000
    375,000

    Cost 16,000
    Accumulated Depreciation - 4,375 =(P16,000-P1,000)/6*1.75 = 1.75 is 1y and 9mo/12
    Carrying amount 11,625

    Cost 100,000
    Residual V=value - 20,000
    Depreciable amount 80,000
    Depreciation rate 0.20 = 1 / life
    Depreciation expense 16,000
    below 30 600,000 1% 6,000
    31-60 250,000 3% 7,500
    61-90 80,000 5% 4,000
    91-180 60,000 10% 6,000
    over 180 10,000 25% 2,500
    Allowance for doubtful accounts, end 26,000
    Allowance for doubtful accounts, start - 15,000 assume NB
    Doubtful accounts expense 11,000

    Accounts receivable 1,000,000


    Allowance for doubtful accounts - 26,000
    Net realizable value 974,000

    Net income 90,000


    Supplies expense - 2,700
    Salaries expense - 1,300
    Net income - adjusted 86,000

    Sales - on credit 654,600 =P854,600 - P200,000


    Sales returns & allowances - on credit - 23,800 =P25,600-P1,800
    Net credit sales 630,800
    % uncollectible 0.01
    Doubtful accounts expense 6,308

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