On the December 31 balance sheet of a company current assets were comprised of

On the december 31 balance sheet of a company current

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6.On the December 31, balance sheet of a company, current assets were comprised of the fol-lowing items:Cash Accounts receivableInventories P140,000 243,000 120,000 P503,000 An examination of the accounts revealed that accounts receivable was composed of the fol- lowing items: Trade accounts Allowance for uncollectible accounts Claims against shipper for goods lost in transit (November) Selling price of unsold goods sent by the Company on consignment at 125% of cost (and not included in ending inventory) P186,000 (4,000) 6,000 55,000 P243,000 What is the correct amount of current assets as of December 31? a.P503,000b.P497,000c.P448,000d.P492,000 7.The following information is available for Cabral Corporation for the current year:SalesBeginning inventoryEnding inventoryFreight-outPurchases P500,000 180,000 95,000 45,000 215,000
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COMPREHENSIVE EXAMINATION Practical Accounting Problem I Page 3 of 13 How much is the cost of good sold? 8.The Isleta Valley Angels is a minor league basketball team. The team has 60 home gamesduring a season and sells season tickets for P500 each. For the most recent season, the An-gels sold 2,000 season tickets. The total initial direct cost (in cash) related to the season tick-ets (including product giveaways for signing up early, cost of processing the transactions, andso forth) were P150,000. Direct costs (in cash) are P2 per customer per game. The teams’sfiscal year ends on June 30. As of date, 23 of the home fames have been played.The journal entry necessary to record the recognition of all season ticket revenues and ex-penses for the fiscal year will require 9.When a company’s bookkeeper started to prepare the monthly bank reconciliation, the cashaccount showed a balance of P528,600. At the end of the month, the following informationwas available from the company records and the monthly bank statement:Customer NSF checks listed on the bank statementBank service charges listed on the bank statementChecks outstanding at the end of the month,determined by the bookkeeperA deposit for P45,000 was recorded incorrectly on the bank statement asThe company wrote a check for P1,700 (the correct amount)but recorded in cash account asCustomer defaults on accounts receivable weredetermined by the bookkeeper to be P 40,800 2,400 178,000 54,000 7,100 12,600 The correct cash balance shown on the bank reconciliation should be:
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