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(Problems) Audit of Cash

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AP Problems 2016

Solution AP Test Bank 2

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SOLUTION - AUDITING PROBLEMS TEST BANK 1

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PROBLEM 1 – TANYING CORP. 1. B Sales (P1,353,000 + P10,500 Freight) Sales returns and allowances Sales discounts !et sales

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P1,3 ( P1,3

2. C #n$entor%, &an. 1 Purchases Purchase returns and allowances (P2,'00  6) Freight in (P16,575 + P1,710) *ost o goods a$ailale or sale

P26 P2,'00 (25,'') 1',2'5

 P6'

3. D #n$entor%, -ec. 31, 2017 Per oos /oods out on consignent Per audit

P6 5 P11

. C -istriution costs Sales salaries and coissions (P75,000 + P",1'0  3) P 4d$ertising eense (P',270 + P5,5  26) -ereciation eense  Salesdeli$er% e8uient e8uient (P1',300 + P23,00  10  1012) Freight eense 1 9ra$el eense  sales reresentati$es 1 :iscellaneous selling eenses 9otal P17 5. B 4dinistrati$e eenses ;egal ser$ices #nsurance and licenses -ereciation eense  oice e8uient salaries -outul accounts eense (P7'3,000  2 ? P15,660  P'0) 9otal

P 2 1 1

10 P1"

6. A 4llowance or doutul accounts (P7'3,000  2) 7. D !et sales *ost o goods sold (P6'6,6"7  P117,50) /ross incoe #nterest re$enue (P1,650 + P1,6'0) -i$idend re$enue /ain on sale o assets 9otal incoe

Master your semester with Scribd & The New York Times '. C 9oOnly tal in$4.99/month. coe Special offer for students: -istriution costs

P15, P1,3 (5 77

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Pag PROBLEM 2 – BUNCHING COMPANY

Per oos 4&A 1 2 3 a  c d e Per audit

AJES 1.

2.

*ash P"63,200 (65,600) 360,000 BBB BBB BBB BBB BBB P66',600

4ccounts @ecei$ale P2,25,000 310,000 BBB BBB BBB BBB BBB BBB P2,56,000

(11  C)

(12  B)

#n$entor% P6,050,000 BBB BBB BBB 130,000 (637,500) 217,500 275,000 P6,035,000 (13  A) A)

Sales 4ccounts recei$ale (P2",500  "5) Sales discounts (P310,000  5) *ash

4ccounts Pa%ale P,201,000 BBB 372,00 (175,000) BBB BBB 217,500 BBB P,615,"00 (1  B) B)

360,100 310,000 65

*ash (P372,00  P12,00) Purchase discounts 4ccounts a%ale

360,000 12,00

372,

3. a 4ccounts a%ale Purchases

175,000 17

 #n$entor% *ost o sales

130,000

c *ost o sales #n$entor%

637,500

d Purchases 4ccounts a%ale #n$entor% *ost o sales

217,500

13 63

217, 217,500 21

e #n$entor% *ost o sales

275,000 27

 !o adCu adCust stin ing g ent entr% r%

Master your semester with Scribd 15. C *urrent ratio *urrent assets & The New York Times *ash Special offer for students: Only $4.99/month. 4ccounts recei$ale #n$entor%


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 Not useful Cancel anytime. P 66',600 2,56,000 6 035 000

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Pag PROBLEM 3 – PAKO COMPANY 16. D Dalance, &an. 1 &une 30 ac8uisition (P1,0'0,000 + P',000) Set. 30 sale -ec. 1 trade in old achine new achine Dalance, -ec. 31

P1,'0 1,1 (15 (" 27 P2,"5

17. A @eainder o eginning alance (P1,'00,000  P150,000  P"0 ,000 ? P1,560,000  10) &une 30 ac8uisition (P1,12',000  10  612) Set. 30 sale (P150,000  10  "12) -ec. 1 trade in old achine (P"0,000  10  1112) new achine (P270,000  10  112) -ereciation eense or 2015

P1

P23

GENLUNA COPPERMINES, INC. 1'. C -eletion rate er ton (P1,5'0,000  1,620,000) *oer ore ined in 2017 (15,000  6 onths) -eletion or 2017 -eletion er oos =$erstateent o deletion eense

 P' 1,2 P0

1". D -ereciale cost o achiner% (P1,'00,000  "0) Astiated coer ore reser$e -ereciation rate er ton *oer ore ined in 2017 -ereciation eense or 2017 -ereciation er oos =$erstateent o dereciation eense

P1,6 1,62 " P" 12 P3

20. D &anuar% 1, 201 9otal cost o achine (P300,000 + P3,000 + P12,000) @esidual $alue -ereciale cost Astiated useul lie 4nnual dereciation -ereciale cost -ereciation, 2016  201 (P30,300  3 %ears) @eaining dereciale cost, &an. 1, 2017 *ost o new arts 9otal @eaining useul lie (10 %ears  3 %ears) @e$ised annual dereciation Special offer for students: Only $4.99/month. PROBLEM 4 – HARLINGTON COMPANY

Master your semester with Scribd & The New York Times

P3 (12, P30 10 P30,


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P36,000

2. C !et roceeds (P"3  15,000 ? P1,3"5,000  P13,500) *arr%ing $alue /ain on sale

P1,3'1,500 (1,251,000 P 130,500

25. B 9rading securities at air $alue

P1,"'",000

Pag PROBLEM 5 – SAMSON MFG. CO. 26. C 4ctual orrowing cost Seciic orrowing (P5 illion  10) /eneral orrowings P25 illion  ' P15 illion  6 9otal *aitaliEation rate (P2,"00,000P0 illion)

P500 P2,000,000 "00,000

2,"00 P3,00 7.

4$erage eenditures  2016

P7,250,00

*aitaliEale interest  2016 Seciic orrowing (P5 illion  10) /ene /enerral orr orrowi owings ngs (P7, (P7,25 250, 0,00 000 0  P5,00 5,000, 0,00 000 0 ? P2,25 2,250, 0,00 000 0  7.25 7.25) ) 9otal 27. B 4$erage eenditures  2017

P500 163, 163, P663

P16,163,12

*aitaliEale interest  2017

Seciic orrowing (P5 illion 10  612) P250 /eneral orrowings orrowings (P16,163,125  P5,000,000 ? P11,163,125  7.25  612) 0,6 9otal P65 2'. A

201 interest eense (P3,00,000  P663,125)

P2,736

2". D

2015 interest eense (P3,00,000  P65,663)

P2,75

30. B 4ccuulated eenditures eore eore interest #nterest caitaliEed in 2016 and 2017 (P663,125 + P65,663) 9otal cost o uilding

P1",500,00 1,317 P20,'17

PROBLEM 6 Y#&-

C&*)*&'($

C!"#$%&'($ E"#$%# /- P#-(0 P#-(0

C)!)*&'(+# C!"#$%&'($ E"#$%#

1

30,000 otions  P5 air $alue 

P 50,000

P 50,000

2


50,000

100,000

3


50,000

150,000

Master your semester with Scribd 31. C 32. C 33. D 3. D & The New York Times PROBLEM  – BRANDY CO. Special offer for students: Only $4.99/month. 36. C

=rdinar% shares issued and outstanding

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3'. B #ssued Suscried Share reiu Suscritions recei$ale *ontriuted caital

AP Problems 2016


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Preerence P6,600,000 600,000 20,000 (360,000) P7,0'0,000

=rdinar% P 720,000 720,000 2,'50,000 (1,0'0,000) P3,210,000

Pag CONDESSA CO. 1. -i$idends a%ale  reerence (P'  60,000) -i$idends a%ale  ordinar% (P2  600,000) *ash

'0,000 1,200,000

2. 9reasur% shares *ash (P0  '1,000)

3,20,000

1,6'0 3,20

3. ;and 9reasur% shares (P0  21,000) Share reiu  treasur%

"00,000 '0 60

. *ash (P105  15,000) Preerence share caital (P100  15,000) Share reiu  reerence

1,575,000

5. @etained earnings (P5  5,000H) Stoc di$idends a%ale (P5  5,000) Share reiu  ordinar%

2,30,000

1,500 75 270 2,160

H 600,000  60,000 treasur% shares ? 50,000  10

6. Stoc di$idends a%ale =rdinar% share caital

270,000 270

7. @e @etained earnings -i$idends a%ale  reerence (P'  75,000) -i$idends a%ale  ordinar% (P2  5",000H)

1,7'',000 600 1,1''

H 50,000 + 5,000

'. #ncoe suar% @etained earnings

","00,000 ","00

Preerence share caital (P6,000,000 + P1,500,000) =rdinar% share caital (P3,000,000 + P270,000) Share reiu (P3,750,000 + P60,000 + P75,000 + P2,160,000) @etained earnings (P3,500,000  P2,30,000  P1,7'',000 + P","00,000) (3"  A  A)) 9reasur% shares (P3,20,000  P'0,000) 9otal (0  B)

Master your semester with Scribd 1. D *ost to otain atent (&anuar% 2010) & The New York 2010 aTimes ortiEation (P1'6,15017)

P7,500 3,270 6,05 ",1'2 (2,00 P23,5"7

PROBLEM  – CABOOM LABORATORIES

*aOnly rr%in$4.99/month. g $alue, -ec. 31, 2010 Special offer for students:

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9otal carr%ing $alue o intangiles

P3,7,000

5. B 4ortiEation o atent  2017 4ortiEation o ranchise  2017 Pa%ent to -elco (P5,000,000  5) @esearch and de$eloent costs 9otal charges against 2017 incoe

P720,000 "6,000 250,000 '66,000 P1,"32,000

Pag PROBLEM NO.  – SAMOA COMPANYCHILE CO. 6. A

=$erB (
P ',000 0,500 110,000 (75,000) P123,500

7. D

=$erB (
P

0,500 (110,000) (75,000) (P1,500)

'. C

=$erB (
=$erstateent o 2017 ending in$entor%
2016 P505,000 (1"1,000) 3,200 (7,250) (2, (2,50 500) 0) ,250 P311,700

Preta incoe Sales re$enue erroneousl% recogniEed in 2016
Jear 2016 2017

Doo alue o Donds P1,175,000 1,1'2,250

!oinal #nterest P75,000 75,000

Aecti$e #nterest P'2,250 '2,75'

20 P3'7 1"1 (3 (7 (7, (7, ' P''

-iscount 4ortiEation P7,250 7,75'

(2)

2016 2017

(P2,500 K 10) (P2,500 K 10) (P7,000 K 10)

P,250 P,250 ,700

". C 50. D Master your semester with Scribd & The New York PROBLEM NO. Times 1 – OMEGA COMPANYDP, COMPANYDP, INC.

P',"50


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Special offer for students: Only $4.99/month. 51. C *ontainers he held % % cu custoers at at -e -ec. 31 31, 20 2016 r ro de deli$eries in in 20 2015

P'5

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;aor 9otal warrant% eense

36 P5

P72 P72

Pag PROBLEM 11 – TGR C!"&$ 56. D

57. C

5'. C

9radeBin  &une 30, 2015 *ost P157,200 4ccu. dereciation, 1113  63015 (P157,200  20  2.5 %rs.) 7',600 *arr%ing $alue 7',600 9radeBin $alue 12",000 Sale  &an. 1, 2016 *ost P132,000 4ccu. dereciation, 1113  1116 (P132,000  20  3 %rs.) 7",200 *arr%ing $alue 52,'00 !et roceeds 71,250 Sale  =ctoer 1, 2017 *ost P120,000 4ccu. dereciation, 1113  10117 (P120,000  20   "12) 11,000 *arr%ing $alue 6,000 Proceeds 2,000 9otal gain :achine ac8uired on Set. 30, 2013 (P1'0,000 + P6,000) :achine ac8uired on &une 30, 201 (P20,000  "') :achine ac8uired on &une 30, 2016 (list rice) 9otal :achine ac8uired on Set. 30, 2013 (P1'6,000  20   312) &une 30, 201 (P235,200  20  3 612) &une 30, 2015 (P27",000  20  2 612) 4ccuulated dereciation, -eceer 31, 2017

P50

1'

1' P'6 P1'6 235 27" P700

P15' 16 13" P62,2

5". B -ate o 4c8uisition *ost 112013 P157,200 120,000 132,000 "302013 1'6,000 630201 235,200 6302015 27",000 *orrect dereciation -ereciation er client =$erOnly (u (un$4.99/month. der)stateent Special offer for students:

2013 P31,0 2,000 26,00 ",300 0 0 P"1,10 "7,0 P 6, 6,300

201 P31,0 2,000 26,00 37,200 23,520 0 P12,560 15,752 P 12 12,1"2

Master your semester with Scribd & The New York Times

2015 2016 2017 9ota P15,720 P0 P0 P 7' 2,000 2,000 1',000 11 26,00 0 0 7" 37,200 37,200 37,200 15' 7,00 7,00 7,00 16 27,"00 55,'00 55,'00  13" Read Free For 30 Days Sign up to vote on this P17',260 P16,00 P15title ',00 P 73 153, '02Useful 10', 7"1Not useful '2,233 5"7 Cancel anytime. (P 2 2,5') (P 55 55,2") (P 75 75,'07) (P 13 137

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