You were able to gather the following from the December 31, 2018 trial balance of Mandaluyong Corporation in connection with your audit of the company: Cash on handP  500,000Petty cash fund10,000BPI current account1,000,000Security Bank current account No. 011,080,000Security Bank current account No. 02(80,000)PNB savings account1,200,000PNB time deposit500,000 Cash on hand includes the following items: a.    Customer’s check for P40,000 returned by bank on December 26, 2018 due to insufficient fund but subsequently redeposited and cleared by the bank on January 8, 2019.b.    Customer’s check for P20,000 dated January 2, 2019, received on December 29, 2018.c.    Postal money orders received from customers, P30,000. The petty cash fund consisted of the following items as of December 31, 2018. Currency and coinsP  2,000Employees’ vales1,600Currency in an envelope marked “collections for charity” with names attached 1,200Unreplenished petty cash vouchers1,300Check drawn by Mandaluyong Corporation, payable to the petty cashier      4,000 P10,100 Included among the checks drawn by Mandaluyong Corporation against the BPI current account and recorded in December 2018 are the following: a.    Check written and dated December 29, 2018 and delivered to payee on January 2, 2019, P80,000.b.    Check written on December 27, 2018, dated January 2, 2019, delivered to payee on December 29, 2018, P40,000. The credit balance in the Security Bank current account No. 2 represents checks drawn in excess of the deposit balance.  These checks were still outstanding at December 31, 2018. The savings account deposit in PNB has been set aside by the board of directors for acquisition of new equipment.  This account is expected to be disbursed in the next 3 months from the balance sheet date.Based on the above and the result of your audit, determine the adjusted balance of cash on hand.

Your audit of Banayoyo Corporation for the year ended December 31, 2018 revealed that the Accounts Receivable account consists of the following: Trade accounts receivable (current)P3,440,000Past due trade accounts 640,000Uncollectible accounts128,000Credit balances in customers’ accounts(80,000)Notes receivable dishonored240,000Consignment shipments – at costThe consignee sold goods costing P96,000 for P160,000.  A 10% commission was charged by the consignee and remitted the balance to Banayoyo.  The cash was received in January, 2019.        320,000TotalP4,688,000 The balance of the allowance for doubtful accounts before audit adjustment is a credit of P80,000.  It is estimated that an allowance should be maintained to equal 5% of trade receivables, net of amount due from the consignee who is bonded.  The company has not provided yet for the 2018 bad debt expense.Based on the above and the result of your audit, determine the adjusted balance of Allowance for doubtful accounts.Select one:a.P204,000b.P179,200c.P216,000d.P172,000

n the audit of Pasig Company’s cash account, you obtained the following information: The company’s bookkeeper prepared the following bank reconciliation as of November 30, 2018: Bank balance – November 30, 2018  P90,800Undeposited collections  5,000Bank service charges  100Bank collection of customer’s note  (8,000)Outstanding checks:    NumberAmount  7159P3,000  77675,000  79152,000 (10,000)Book balance – November 30, 2018  P77,900 Additional data are given as follows: a.    Company recordings for December:Total collections from customersP165,000Total checks drawn98,000 b.    Bank statement totals for December :ChargesP123,800Credits169,000 c.    Check no. 7159 dated November 25, 2018, was entered as P3,000 in payment of a voucher for P30,000.  Upon examination of the checks returned by the bank, the actual amount of the check was P30,000. d.    Check no. 8113 dated December 20, 2018 was issued to replace a mutilated check (no.7767), which was returned by the payee.  Both checks were recorded in the amount drawn, P5,000, but no entry was made to cancel check no. 7767. e.    The December bank statement included a check drawn by Sipag Company for P1,500. f.     Undeposited collections on December 31, 2018 - P8,000. g.    The service charge for December was P150 which was charged by the bank to another client. h.    The bank collected a note receivable of P7,000 on December 28, 2018, but the collection was not received on time to be recorded by Pasig.i.    The outstanding checks on December 31, 2018, were: Check No.AmountCheck No.Amount7767P5,0008910P2,30088561,30089254,100 Based on the above and the result of your audit, determine the adjusted cash balance as of November 30, 2018.Select one:a.P63,800b.P58,800c.P90,800d.P85,800

You noted the following composition of Malabon Company’s “cash account” as of December 31, 2018 in connection with your audit: Demand deposit accountP2,000,000Time deposit – 30 days1,000,000NSF check of customer40,000Money market placement (due June 30, 2019)1,500,000Savings deposit in a closed bank100,000IOU from employee20,000Pension fund3,000,000Petty cash fund10,000Customer’s check dated January 1, 201950,000Customer’s check outstanding for 18 months       40,000TotalP7,760,000 Additional information follows:a)    Check of P200,000 in payment of accounts payable was recorded on December 31, 2018 but mailed to suppliers on January 5, 2019.b)    Check of P100,000 dated January 15, 2019 in payment of accounts payable was recorded and mailed on December 31, 2018.c)    The company uses the calendar year.  The cash receipts journal was held open until January 15, 2019, during which time P400,000 was collected and recorded on December 31, 2018. The cash and cash equivalents to be shown on the December 31, 2018 balance sheet is

Use this information to answer this question (Question #1 and all the other 19 questions).Solar Eclipse, a sole trader, has asked you to assist him in preparing his financial statements. He operates a small wholesale business in Kingston and has presented you with the following Trial balance as at December 31, 2022:Particulars/DetailsDRCR$$Stock at January 1, 202221,6720Bank overdraft018,270Capital030,240Cash3780Discounts6,0484,032Returns3,4022,394Carriage outwards9,0720Carriage inwards3,9900Insurance7,3080Provision for bad debts02,772Equipment7,1400Motor Truck13,0200Provision for depreciation on Motor Truck04,200Provision for depreciation on Equipment02,100Accounts Receivable and Payables50,02225,452Drawings12,0960Telephone Charges37,5480Rent2,0160Purchases and Sales92,022176,274265,734265,734 Notes:      i.         A search of the warehouse on December 31, 2022 revealed some merchandise in a closed container valuing $30,800. This was deemed to be material in nature. There was another box of item valuing $500 but was deemed to be immaterial.     ii.         On December 31, 2023 we received an email that telephone charges valuing $1,260 throughout the year had not been paid by us and therefore requires payment.   iii.         We got a letter via mail that the rent payments throughout the year have not been paid by us. The amount in the letter for the rent amount to $700.   iv.         For the year 2022, we were required to pay Insurance for 12 months but we paid for 13 months. The payment for the 13th month for the insurance was $1,120 which is for January 2023.       v.         Increase the provision for bad debts to $2,800   vi.         Provision for depreciation Motor Truck 10% of cost, and Equipment 15% on the reducing balance method.  Required:(a)   Prepare an Income Statement for the year ended December 31, 2022

The adjusted trial balance of Galimuyod Company as of December 31, 2017 shows the following:  DebitCreditAccounts receivableP1,000,000 Allowance for bad debts P40,000 Additional information: ·       Cash sales of the company represents 10% of gross sales.·       90% of the credit sales customers do not take advantage of  the 2/10, n/30 terms.·       It is expected that cash discount of P6,000 will be taken on accounts receivable outstanding at December 31, 2018.·       Sales returns in 2018 amounted to P400,000.  All returns were from charge sales.·       During 2018, accounts totaling to P44,000 were written off as uncollectible; bad debt recoveries during the year amounted to P3,000.·       The allowance for bad debts is adjusted so that it represents certain percentage of the outstanding accounts receivable at year end.  The required percentage at December 31, 2018 is 150% of the rate used on December 31, 2017.Based on the above and the result of your audit, the allowance for doubtful accounts as of December 31, 2018 isSelect one:a.P146,640b.P  20,000c.P120,000d.P180,000