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Practice problems on consumer theoryFull description
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Practice problems PROBLEM 1: Accounting Process Cristina Mison owns and operates a store selling compact discs and tapes. She carries charge charge accounts for a few customers and oers cash discounts of 2/10, n/0 to encourage prompt pa!ments. "escribed below are the transactions for #anuar! after she in$ested P%00,000 cash, and P&0,000 merchandise on #anuar! 1.12' ()* is included in all sales, purchases and freight in$oices e+cept list prices. #an. & trade 10 1%
1 1 1 2& 2 2 0
Purchased Purchased compact discs from cto )rts. *erms*erms- P1,00 list price less discounts of 2' and 1' balance 1/10, n/0. Purc urchased ased tape tapes s from from (il (illa larr ec ecords at an in$o in$oic ice e pric price e of P, P,0. 0. *erms *erms- 2/10, n/0. n/0. 34 Shipping Shipping Point. Point. P%0 fr freight paid for (illar shipment. Sold Sold tape tapes s to *hat *hat5s 5s 6nte 6ntert rtai ainm nmen ent, t, P P, ,&0 &0 on acco accoun unt. t. Comp Compac actt discs discs in$ in$oi oice ced d at P& P& wer were e foun found d defe defect cti$ i$e e and and retu return rned ed to cto )rts. Cash Cash sal sales es for for the the 7rst 7rst hal halff of the the mont month h amou amount nted ed to to P22, P22,&0 &00. 0. Paid P&,000 in wages to the sales cler8 and P,000 to a part9time o:ce cler8 less %' withholding ta+. )cco )c coun untt sal sales es to Musi Music c ; Magi Magic c amo amoun unte ted d to to P, P,2 20. 0. Paid aid %0' %0' of the the amo amoun untt owe owed d to to (il (illa larr ec ecor ords ds.. ) cash cash custom customer er who has purcha purchased sed compac compactt dis discs cs for for P1, P1,120 120 retur returned ned them for being defecti$e and got a cash refund. Music ; Magic paid one9half of its account and was gi$en the corresponding discount. *hat *hat5s 5s 6nte 6ntert rtai ainm nmen entt pai paid d its its acco accoun unt. t. Cash Cash sale sales s for for the the sec secon ond d hal halff of of the the mont month h P22 P22,& ,&00 00.. Paid cto cto )rts )rts in ful full of of ac account. unt. Paid Paid wages wages less less deduct deduction ions s for %' withh withhold olding ing ta+, ta+, ' SSS, SSS, 1.%' 1.%' Phil
e=uireda. #ournal entries to record record the the abo$e transactions without e+planations e+planations.. b. Posting Postings s to subsidia subsidiar! r! ledge ledgers. rs. c. Postings Postings to * )ccount for )ccounts )ccounts ecei$ables ecei$ables and and )ccounts )ccounts Pa!ables. Pa!ables. d. econcile econcile the subsidiar! subsidiar! ledger balances balances and the control control account balances.
PROBLEM 2: Completion of the Accounting Process *he boo88eeper of >enneth5s >enneth5s *o!land presented the following ledger accounts and their balances as of #une 0, 200, the end of the 7scal periodCash in 4an8 Cash on
&,2 %,200 112,000 &,000 &,00 Page 1 of 18
)dditional data needed for adustmentsaD @ncrease the allowance for doubtful accounts to %' of accounts recei$able. bD *he notes recei$able from the customers consists ofa. 09da!, ' note for P&,000 dated #une 10, 200. b. 09da! P00 note dated #une %, 200. ?o interest has been collected on these notes. cD *he business has paid on #anuar! 1, 200 insurance premium for a two9!ear polic! eecti$e on that date.
Page 2 of 18
Practice problems dD *he store furniture and 7+tures are depreciated o$er a useful life of % !ears. f those on hand as of #une 0, P,000 were ac=uired onl! on #une 1, 200. *he o:ce furniture and 7+ture are to be depreciated at a rate of 20' per annum. eD Sales salaries of P%%0 has accrued as of #une 0. fD n Ma! 1, 200, the business paid for three9month ad$ertising contract for P00. gD *he notes pa!able represents a 09da!, 1' note dated #une 10, 200 for which no interest has !et been paid. hD *he business recei$ed commission of P2,&00 but onl! one9third of this has been earned b! the compan!. iD Merchandise unsold, per ph!sical count of #une 0, 200, amounted to three9 fourth of the beginning in$entor!. D )ccrue ' percentage ta+ on net sales for "ecember amounting to &,00. e=uired1. Prepare an eight9column wor8sheet. 2. Prepare an income statement and a balance sheet. *hree9fourth of rent and utilities should be allocated to selling e+pense. . Ma8e the necessar! closing entries. &. Prepare a post closing trial balance. %. Prepare the re$ersing entries.
PROBLEM 3: Financial tatement Anal!sis Mr. amon >wong, a businessman, was loo8ing into some business $entures wherein he could possibl! in$est his mone!.
e$enue for account ser$ices e$enue for cash ser$ices Collection from account clients 6+penses incurred on account 6+penses incurred for cash )$erage wnerEs 6=uit!
"enture A %0,000 1,2%0,000 %00,000 1%0,000 00,000 10,%00,000
"enture B 1,200,000 00,000 200,000 %0,000 200,000 %,%00,000
#uestion: Bhich $enture is more pro7tableF #ust b! loo8ing at the cash collections and pa!ments, which $enture is more li=uidF PROBLEM $: Accounting Process )rman 4arGaga owns and operates the )4 Meat Mat.
Practice problems following balances for the 7$e months of its operation are found in its general ledger and subsidiar! ledgerCash on
Accounts Recei%a&le: )uring Cold Store 4en Sunga Chit Irocer! (irgie Meat Mart
pen the subsidiar! ledgers and place the balances of the customers5 and creditors5 accounts. #ournaliGe the following transactions and ma8e immediate postings to the subsidiar! ledgers. *erm of account sale is 2/10, n/0, for all customers. )ll collections are immediatel! deposited. )ll pa!ments are made b! chec8 if o$er P%,000. ()* of 12' alread! included in all in$oices. #une
1
& %
10 12 1& 1% 1 20 21 2 2% 2 2 0
Purchased beef from #ore5s 3arm, P2,&&. *erms- 20' down, balance 2/10, n/0. Purchased chic8en and eggs from #osie5s Chic8en
Page 5 of 18
Practice problems
A''itional re(uirements: a. pen the general ledger and post the entries. 6+tract the balances and prepare the trial balance as of #une 0. Prepare a schedule of accounts recei$able and accounts pa!able and reconcile with the control accounts. b. 3rom the trial balance, prepare 7nancial statements assuming the goods on hand amounted to P0,%. Close utput *a+ and @nput *a+ to ()* Pa!able. Atilities, rent and salaries are two9thirds selling e+penses.