1st_level_answers.docx - EASY ANSWERS 1 B Partnership 2 C Withdrawal of a partner from a partnership 3 PHP 161,000,000 4 B Journal Ledger Trial Balance

1st_level_answers.docx - EASY ANSWERS 1 B Partnership 2 C...

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EASY ANSWERS 1. B. Partnership 2. C. Withdrawal of a partner from a partnership 3. PHP 161,000,000 4. B. Journal, Ledger, Trial Balance, Financial Statements 5. I, II, VI 6. B. Increase in asset and increase in owner’s equity 7. A. P 45,000 Credit 30,000 – 70,000 = (40,000) (40,000) + 85,000 = 45,000 8. B. Identifying 9. D. To provide quantitative financial information about an enterprise that is useful in making informed economic decision 10. D. Faithful Representation and Relevance AVERAGE ANSWERS 1. A. Currently maturing obligations are presented as current liabilities even if their original term is longer than one year and even if a refinancing agreement is completed after the end of the reporting period but before the financial statements are authorized for issue 2. C. To account for a transaction that is specifically dealt with by a PFRS 3. C. Depreciable Cost P85,000/15 Annual Depreciation = P5,667 x 5/12 Depreciation Expense = P2,361 4. Interest Expense 17,000 Interest Payable 17,000 Interest is computed as follows: P425,000 x 12% x 12/360 = 17,000 5. A. Bonus to the old partner 6. LETTER B Net sales (Squeezed) 120,000 Cost of goods sold 70,000 Gross Profit 50,000 Goods available for sale 110,000 Merchandise Inventory 12/31/18
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