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Difficult 1st Yr Ans
Difficult 1st Yr Ans
A. 4,3,9,6,8,1,5,7,2
B. 4,3,9,6,8,2,7,5,1
C. 4,3,9,6,7,1,8,5,2
D. 4,3,9,6,8,5,1,2,7
On December 31, 2016, what is the balance of accounts receivable before allowance for
doubtful accounts and allowance for sales returns? 2,900,000
*Fair Value
7. On August 31, 2018, Berna paid P114 000 for one year rental covering the period
September 1, 2018 to August 31 2018. The payment was originally recorded as an expense
account. After the adjustment, how much is the prepaid rent on December 31, 2018?
____________
Answer: A. P480,000
(P1,000,000 + 600,000 = 1,600,000 * 30% = P480,000)
On March 1, 2017, the entire balance of the bank payable was refinanced
on a long-term basis. Zambales’s financial statements were issued on March 31,
2017.
a. 21,500,000
b. 24,000,000
c. 25,500,000
d. 28,000,000