ACCT 2A&B: Accounting for Partnership & Corporation

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ACCTG 2A&B: Accounting for Partnership & Corporation II

Financial Statements
I. THEORIES,

Multiple Choice. Choose the letter of the best answer.

1. Financial statements must be prepared at least

A. Annually
B. Quarterly
C. Semi-annually
D. Monthly

2. An entity shall classify an asset as current when (choose the incorrect one)
A. The entity expects to realize the asset or intends to sell or consume it within the entity’s normal
operating cycle.
B. The entity holds the asset for the purpose of trading.
C. The entity expects to realize the asset within twelve months after the reporting period.
D. The asset is cash or a cash equivalent that is restricted to settle a liability for more than twelve
months after the reporting period.

3. Which obligations are classified as current liabilities even if they are due to be settled for more than
twelve months from the end of the reporting period?
A. Current portion of interest-bearing liabilities
B. Bank overdrafts
C. Trade payables
D. Dividends payable

4. In presenting a statement of financial position, an entity

A. Must make the current and non-current presentation.
B. Must present assets and liabilities in order of liquidity.
C. Must choose either the current and non-current or the liquidity presentation, meaning a free
choice of presentation.
D. Must make the current and non-current presentation, except when a presentation based on
liquidity provides information that is reliable and relevant.

5. A stock dividend declared by the entity before year-end and payable to the shareholders three
months after the end of reporting period is classified as
A. A current liability
B. An equity account
C. A non-current liability
D. A current asset

6. Working capital is
A. The group assets which enables the entity to operate profitably.
B. Capital which has been reinvested in the business.
C. Unappropriated retained earnings.
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D. Current assets less current liabilities

7. The term “deficit” refers to

A. An excess of current assets over current liabilities
B. An excess of current liabilities over current assets
C. A debit balance in retained earnings
D. A loss that is reported as a prior period error

8. The method of presenting income statement in which the expenses are classified according to their
function, as part of cost of sales, distribution costs, administrative activities and other operating
activities.
A. Function of expense method
B. Nature of expense method
C. Account form
D. Report form

9. Consider the following statements:

1st statement: Dividends paid shall be recognized in the statement of comprehensive income.
2nd statement: A loss on disposal of asset shall be recognized in the statement of changes in
equity.

Which is not true?

A. 1st statement
B. 2nd statement
C. Both statements
D. Neither of the two statements

10. An entity shall present an analysis of expenses using a classification based on

A. The nature of expenses
B. The function of expenses
C. Either choices A or B, whichever provides information that is reliable and more relevant.
D. Either choices A or B, whichever the entity would prefer to present.

11. For an entity that has only ordinary shares outstanding, total shareholders’ equity divided by the
number of shares outstanding represents the
A. Return on equity
B. Stated value per share
C. Book value per share
D. Price/Earnings ratio

12. Which of the following shareholder rights is most commonly enhanced in an issue of preference
shares?
A. The right to vote for the board of directors
B. The right to maintain one’s proportional interest in the entity
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C. The right to receive a full cash dividend before dividends are paid to other classes of share
capital
D. The right to vote on major corporate issues

13. An entity has not declared or paid dividends on its cumulative preference shares in the last three
years. The dividends in arrears shall be reported
A. In a note to the financial statements
B. As a reduction in shareholders’ equity
C. As a current liability
D. As a non-current liability

14. An entity acquired some of its own ordinary shares at a price greater than both their par value and
original issue price. The entity uses the cost method of accounting for treasury shares. What is the
impact of this acquisition on total shareholders’ equity and book value per ordinary share,
respectively?
Total shareholders’ Book value per ordinary share
equity
A. Increase Increase
B. Increase Decrease
C. Decrease Increase
D. Decrease decrease

15. It is the amount which the preference shareholders normally receive upon liquidation of the entity.
A. Liquidation value
B. Par value
C. Book value
D. Fair value

16. In the absence of liquidation value, the preference shareholders shall receive what amount in the
event of liquidation?
A. Liquidation value
B. Par value
C. Book value
D. Fair value

17. Preference as to dividends means

A. If dividends are declared, the preference shareholders have the right to receive dividends first
before ordinary shareholders are paid a dividend.
B. The preference shareholders have the right to receive an amount equal to par or liquidation
value of their shareholdings in the events of liquidation in addition to cumulative dividends in
arrears.
C. A and B
D. Not A and B

18. When the right to receive dividend is forfeited in any one year in which dividend is not declared, the
preference share is said to be
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A. Cumulative
B. Non-cumulative
C. Participating
D. Non-participating

19. Earnings per share shall be presented on the face of

A. Statement of Financial Position
B. Statement of Comprehensive Income
C. Statement of Changes in Equity
D. Statement of Cash Flows

20. Earnings per share shall be computed on the basis of

A. Ordinary shares outstanding at the end of the year
B. Ordinary shares outstanding at the beginning of the year
C. Ordinary shares outstanding at the middle of the year
D. Average ordinary shares outstanding during the year

21. In computing basic earnings per share, the amount of preferred dividends on non-cumulative
preference shares shall be
A. Deducted from net income whether declared or not
B. Deducted from net income only when declared
C. Added to net income only when declared
D. Ignored

22. In computing basic earnings per share, the amount of the required preferred dividends on
cumulative preference shares shall be
A. Deducted from net income whether declared or not
B. Deducted from net income only when declared
C. Added to net income only when declared
D. Ignored

23. The primary purpose of the statement of cash flows is

A. To provide relevant information about cash receipts and cash payments of an entity during a
period
B. To help investors, creditors and other users to assess the entity’s ability to generate positive
future net cash flows
C. To disclose separately non-cash investing and financing activities
D. To assess the ability of the entity to pay dividends to stockholders

24. An entity shall report cash flows from operating activities using
A. Direct method
B. Indirect method
C. Either A or B
D. Neither A nor B

25. An entity shall report cash flows arising from investing and financing activities using
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A. Direct method
B. Indirect method
C. Either A or B
D. Neither A nor B

26. These are the principal-revenue producing activities of the entity.

A. Operating activities
B. Investing activities
C. Financing activities
D. Borrowing activities

27. Bank borrowings are generally considered

A. Operating activities
B. Investing activities
C. Financing activities
D. Borrowing activities

28. Alternatively, which of the following is classified as an operating cash flow?

A. Interest received
B. Interest paid
C. Dividends received
D. Dividends paid

29. How should a gain from the sale of an equipment for cash be reported in a statement of cash flows
using the indirect method?
A. In investing activity as a reduction of the cash inflow from the sale
B. In investing activities as a cash outflow
C. In operating activities as a deduction from income
D. In operating activities as an addition to income

30. In a statement of cash flows using indirect approach for operating activities, an increase in
inventory is presented as
A. Outflow of cash
B. Inflow and outflow of cash
C. Addition to net income
D. Deduction from net income

31. An entity acquired a building, paying a portion of the purchase price in cash and issuing a
mortgage note payable to the seller for the balance, in a statement of cash flows, what amount is
included in financing activities for the transaction?
A. Cash payment
B. Acquisition price
C. Zero
D. Mortgage amount
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32. An entity’s accounts receivable decreased during the year. in the entity’s statement of cash flows,
the cash collected from customers would be
A. Sales revenue plus accounts receivable at the beginning of the year.
B. Sales revenue plus the decrease in accounts receivable
C. Sales revenue less the decrease in accounts receivable
D. The same as sales revenue

33. In a statement of cash flows, depreciation is treated as an adjustment to reported net earnings
because depreciation
A. Is a direct source of cash
B. Reduces reported earnings but does not involve an outflow of cash
C. Reduces reported earnings and involves an inflow of cash
D. Is an inflow of cash to a reserve account for replacement of assets

34. Which of the following would be subtracted from net income when using the indirect method to
derive net cash flows from operating activities?
A. Decrease in accounts payable
B. Loss on sale of machine
C. Decrease in accounts receivable
D. Depreciation

35. A cash dividend that is declared during an accounting period, to be paid in the next accounting
period, is presented in the statement of cash flows for the current period is
A. A use of cash from operating activities
B. A non-cash transaction presented in a separate schedule
C. A use of cash from financing activities
D. A use of cash from investing activities

For numbers 36 – 50, Identify in which section (if any) of the statement of cash flows would each of the
following items appear and indicate whether each item, would result to a positive (+) or negative (-) cash
flow. If an activity is classified as operating, determine also if it would appear using direct or indirect method
of presenting cash flows from operating activities.

36. Sale of land at a gain.

37. Issuance of preference shares.
38. Short-term Bank loan.
39. Purchase of Marketable securities.
40. Loss on sale of building.
41. Increase in accounts payable.
42. Purchase of Machine and Equipment.
43. Interest paid.
44. Payments to suppliers and employees.
45. Long-term Bank loan.
46. Purchase of building using cash from a long-term bank loan.
47. Increase in prepaid insurance.
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48. Cash dividends declared.

49. Purchase of treasury shares.
50. Collections from customers.

II. PROBLEMS.
Supply the answer.

PROBLEM 1:
Following selected account balances and supplemental information were taken from the accounting records
of Lava Hound Corporation as of December 31, 2014:

Sales P 9,675,000
Mortgage note payable 1,300,000
Bank notes payable 300,000
Accounts payable* 270,000
Share dividends payable 200,000
Withholding tax payable 120,000
*Solely arising from purchase of merchandise.

Supplemental information:
o Mortgage note payable was refinanced on its due date, February 15, 2015 with a new 5-year
mortgage note after paying P 300,000 cash on the principal balance. There was no unpaid interest
as of December 31, 2014.

o The bank notes payable are payable in semi-annual installments of P 50,000 on February 1 and
August 1 of each year. Unpaid interest for 2014 of P 7,500 has not been taken up. This was paid
on January 5, 2015.

o The sales account included the 12% Value-Added Tax (VAT) corresponding to the sales for the
month of December of P 2,688,000 (inclusive of VAT). This was remitted to the BIR on January 20,
2015.

o Total income tax due for 2014 amounted to 186,500. Quarterly remittances to BIR during the year
for income tax totaled P 105,000, including payment of P 35,000 on income tax relating to the prior
year. The balance due as of December 31, 2014 has not been taken up in the books.

1. Compute for the total current liabilities at December 31, 2014.

2. Compute for the total non-current liabilities at December 31, 2014.

PROBLEM 2:
Your review of the ledger of Hog Rider Company at December 31, 2014 reveals the following:

Amounts due from customers P 148,000

Land for future plant site 1,350,000
Amounts due to suppliers 124,000
Income taxes owed to BIR 16,000
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Citibank – current account 98,000

Advances from customers 150,000
Accrued interest on notes payable 17,000
Sinking fund for bond retirement 30,000
Allowance for uncollectible accounts 12,000
Inventories including office supplies of P 3,500 221,000

3. Determine the company’s working capital at December 31, 2014.

PROBLEM 3:
EK Company was incorporated on July 1, 2014, with P 2 Million from the issuance of shares and borrowed
funds of P 300,000. During the remainder of 2014, the company’s profit was P 100,000. On December 15,
the company paid P 8,000 cash dividends. No additional activities affected owner’s equity in 2014. At
December 31, 2014, the company’s liabilities had increased to P 376,000.

4. What amount of total assets should be reported for 2014?

PROBLEM 4:
The following selected accounts and additional information are taken from Sam Corporation at December
31, 2014: Cash – P 150,000; Accounts receivable – P 2,100,000; Inventories – P 1,600,000; Accounts
payable – P 550,000; 12% notes payable – P 800,000; Employees’ income taxes payable – P 6,500.

o The P 2,100,000 balance in accounts receivable represents the entire amount owed to the
company; of this amount, P 500,000 represents a long-term advance to its president. The
remaining amount is from trade customers and 5% of that amount is estimated to be uncollectible.

o Inventories (taken by physical count) include P 200,000 of goods which is not belonging to Sam.
As of December 31, 2014, the goods are still in transit. Office suppliers on hand of P 50,000 are
also included in the balance.

o The accounts payable balance includes a supplier’s invoice for P 95,000 received through facsimile
message representing goods shipped FOB destination and are still in transit at yearend.

o The 12% interest-bearing note is dated June 1, 2014 and matures May 31, 2015. Accrued interest
on the note has not been recorded.

5. How much is the total current assets at December 31, 2014?

6. How much is the total current liabilities at December 31, 2014?

PROBLEM 5:
Penny Company is preparing its December 31, 2014 statement of financial position. The following items
may be reported as either current or non-current liability.

o On December 31, 2014, Penny declared a cash dividend of P 2.50 per share to shareholders of
record on December 31. The dividend is payable on January 15, 2015. Penny has issued 1 Million
ordinary shares, of which 50,000 shares are held in the treasury.
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o Also, on December 31, Penny declared a 10% bonus issue to shareholders of record on January
15, 2015. The dividends will be distributed on January 31, 2015. Penny’s ordinary shares have a
par and market value of P 10 and P 38, respectively.

o At December 31, bonds payable of P 10 million are outstanding. The bonds pay 12% interest every
September 30 and mature in installments of P 2.5Million every September 30, beginning
September 30, 2015.

o At December 31, 2013, customer advances were P 12 million. During 2014, Penny collected P 30
million of customer advances and advances of P 25 million were earned.

o At December 31, 2014, retained earnings appropriated for future inventory losses amounted to P
1.5 million.

7. How much of the foregoing is classified as current liabilities?

PROBLEM 6:
Hershey Company provided the following account balances for the preparation of the statement of cash
flows for the current year:

January 1 December 31
Accounts receivable 1,150,000 1,450,000
Allowance for bad debts 40,000 50,000
Prepaid rent expense 620,000 410,000
Accounts payable 970,000 1,120,000

The net income for the year is P 7,500,000.

8. What is the net cash provided by operating activities?

PROBLEM 7:
Berkeley Company provided the following information for the current year:

Accounts receivable, January 1, net of allowance of P 100,000 P 1,200,000

Accounts receivable, December 31, net of allowance of P 300,000 1,600,000
Sales of the year – all on credit 8,000,000
Uncollectible accounts written off during the year 50,000
Uncollectible accounts expense for the year 250,000
Cash expenses for the year 5,250,000
Net income for the year 2,500,000

9. What is the net cash provided by operating activities?

PROBLEM 8:
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Kris Company reported net income of P 3 Million for the current year. Changes occurred in certain accounts
as follows:

Equipment P 250,000 increase

Accumulated depreciation 400,000 increase
Notes payable 300,000 increase

 During the year, the entity sold equipment costing P 250,000, with a carrying value of P 130,000 for
a gain of P 50,000.
 In December of the current year, the entity purchased equipment costing P 500,000 with P 200,000
cash and a 12% note payable for the remainder.

10. What amount should be reported as net cash provided (used) by investing activities?
11. What amount should be reported as net cash provided (used) by operating activities?

PROBLEM 9:
Code Company provided the following data for the current year:

Purchase of real estate for cash* P 5,500,000

Sale of investment securities for cash 5,000,000
Dividend paid 6,000,000
Issuance of ordinary shares for cash 2,500,000
Purchase of machine for cash 1,250,000
Payment of bank loan 1,500,000
Increase in customers’ deposit 200,000
Issuance of bonds payable for cash 3,000,000

*cash was borrowed from bank.

12. What is the net cash provided by financing activities?

13. What is the net cash used in investing activities?

PROBLEM 10:
Colleen Company provided the following information:

2013 2012
Retained earnings 3,000,000 2,500,000
Dividends payable 1,200,000 1,800,000
Net income 2,000,000 1,700,000

14. What amount was paid for dividends during the current year?

PROBLEM 11:
Jessy Company provided the following comparative statement:

2013 2012
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Cash and cash equivalents P 5,600,000 P 7,400,000

Accounts receivable 3,000,000 3,500,000
Inventory 8,000,000 6,500,000
Prepaid expenses 400,000 600,000
Property, plant, and 55,000,000 42,000,000
equipment
Accumulated depreciation (20,000,000) (16,000,000)
Accounts payable 6,000,000 9,500,000
Accrued expenses 1,500,000 500,000
Short-term note payable – 2,000,000 5,000,000
bank
Long-term note payable – 10,000,000 -
bank
Ordinary share capital 30,000,000 30,000,000
Retained earnings 2,500,000 (1,000,000)

Cash needed to purchase new equipment and to improve the working capital position was raised by
borrowing from bank with a long-term note. Equipment costing P 2,000,000 and carrying amount of P
1,500,000 was sold for P 1,800,000. The entity declared and paid cash dividend of P 3,000,000 in the
current year. there were no entries in the retained earnings account other than to record dividend and net
income for the year.

15. What is the net cash provided (used) by operating activities?

16. What is the net cash provided (used) by investing activities?
17. What is the net cash provided (used) by financing activities?

PROBLEM 12:
Chin Company provided the following statement of financial position on January 1, 2013 and statement of
cash flows for 2013:
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Asset Liabilities and equity

Cash 3,200,000 Accounts payable 1,500,000
Accounts receivable 3,000,000 Share capital 9,200,000 Total assets on
Building and equipment 12,000,000 Retained earnings 4,800,000 December 31,
Accumulated depreciation (4,000,000) 2013 amounted to
Patent 1,300,000 P 22,100,000. The
15,500,000 P 15,500,000 accumulated
depreciation of the
Net income 4,000,000 equipment sold
Increase in accounts receivable (1,300,000) was P 1,100,000.
Increase in accounts payable 600,000
Depreciation 1,200,000 Clue:
Gain on sale of equipment (450,000) Depreciation and
Amortization of patent 150,000 Amortization are
Net cash provided by operating activities 4,200,000 very much alike
except that
Cash flows from investing activities Depreciation
Sale of equipment 950,000 pertains to PPE
Purchase of land (2,000,000) and the latter
Purchase of equipment (3,800,000) pertains to
(4,850,000) intangibles.
18. What is
Cash flows from financing activities the cost
Payment of cash dividend (1,200,000) of
Issue of ordinary shares at par for cash 3,200,000
2,000,000

Net increase in cash 1,350,000

Cash, 1/1/13 3,200,000
Cash, 12/31/13 4,550,000
equipment sold?
19. What is the carrying amount of the building and equipment on December 31, 2013?
20. What is the balance of accounts payable on December 31, 2013?
21. What is the balance of retained earnings on December 31, 2013?
22. What is the share capital on December 31, 2013?

PROBLEM 13:
The income statement of Hawaii Company is presented below:

Hawaii Company
Income Statement
For the year ended December 31, 2012:
Sales P 20,700,000
Cost of goods sold:
Inventory, January 1 P 5,700,000
Purchases 13,200,000
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Goods available for sale 18,900,000

Inventory, December 31 4,800,000 14,100,000
Gross income 6,600,000
Operating expenses:
Selling expenses 1,350,000
Administrative expenses 2,100,000 3,450,000
Net income P 3,150,000

Additional information:
 Accounts receivable decreased by P 1,080,000 during the year.
 Prepaid expenses increased by P 510,000 during the year.
 Accounts payable to suppliers of merchandise decreased by P 825,000 during the year.
 Accrued expenses payable decreased by P 300,000 during the year.
 Administrative expenses include depreciation of P 180,000.

23. What is the total amount of cash received from customers during the year?
24. What is the total amount of cash paid to suppliers during the year?
25. What is the total amount of cash paid for operating expenses during the year?
26. What is the net amount of cash provided by operating activities?

PROBLEM 14:
The following is an equipment account and its related Accumulated depreciation account:
Equipment:
Beginning balance – P 490,000
Machine A – P 81,000
Machine B – P 52,000
Machine C – P 250,000

Accumulated depreciation:
Beginning balance – P 290,000
Machine A – P 63,000
Machine B – P 46,000
Depreciation Expense for the current year – P 120,000

Machine A was sold at a gain of P 9,000 while Machine B was sold for its scrap value of P 2,000. Machine
C was acquired during the current year.

27. Based on the foregoing, what amount shall be reported under operating activities?
28. Based on the foregoing, what amount shall be reported under investing activities?

PROBLEM 15:
On December 31, 2013, 324,000 ordinary shares were outstanding. The company issued 26,000 shares on
May 31, 2013, 15,000 shares on November 1, 2013, and purchased 21,000 of its own shares on March 1,
2013.
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29. Compute the number of ordinary shares to be used in computing basic earnings per share.

PROBLEM 16:
At December 31, 2014 and 2013, Lafitte Corp. had 200,000 ordinary shares and 20,000 of 5%, P 100 par
value cumulative preference shares outstanding. No dividends were declared on either the preference or
ordinary shares in 2013 or 2014. Profit for 2014 was P 1,000,000.

30. What is the basic earnings per share?

PROBLEM 17:
Fender Company reported profit of P 770,000 for 2014. The company sold 15,000 treasury shares acquired
in a previous year on July 1 and 15,000 new shares on November 1. At year-end, 180,000 shares were
outstanding. The company had 20,000 shares of P 100 par value 7% preference shares outstanding all
year. the company paid dividends to preference shareholders as stipulated.

31. What is the number of ordinary shares used to compute earnings per share?
32. What is the basic earnings per share?

PROBLEM 18:
Lost Company is calculating earnings per share amounts for inclusion in its annual report to shareholders.
The company obtained the following information from the controller’s office as well as shareholder services:

Net profit for 2014 – P 125,000

Number of outstanding shares:
January 1 – March 31 15,000
April 1 – May 31 12,500
June 1 – December 31 17,000

33. What is the number of shares that the company shall use to calculate its basic earnings per share
for the year ended 2014?

PROBLEM 19:
Jazz Company had the following capital structure during 2012 and 2013:

Preference share capital, P 10, 4% cumulative, 25,000 shares issued and outstanding P 250,000
Ordinary share capital, P 5 par, 200,000 shares issued and outstanding 1,000,000

The entity reported net income of P 500,000 for the year ended 2013. The entity paid no preferred
dividends during 2012 and paid P 16,000 in preferred dividends during 2013.

34. What amount should be reported as basic earnings per share?

PROBLEM 20:
During 2013, Last Company had the following two classes of share capital issued and outstanding for the
entire year:
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Ordinary share capital, 200,000, P 10 par 2,000,000

Preference share capital, 2,000, P 100 par, 12% 200,000

The net income for 2013 was P 1,800,000 and the income tax rate was 30%.

35. In the computation of basic earnings per share, what is the amount to be used as earnings?

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Suggested Key Answers

I. THEORIES
1. A 26. A
2. D 27. C
3. C 28. D
4. D 29. C
5. B 30. D
6. D 31. C
7. C 32. B
8. A 33. B
9. C 34. A
10. C 35. B
11. C 36. Proceeds from sale of land - Investing (+) ; Gain
on sale – Operating (-), indirect
12. C 37. Financing (+)
13. A 38. Financing (+)
14. C 39. Operating (-), Direct
15. A 40. Operating (+), Indirect
16. B 41. Operating (+), Indirect
17. A 42. Investing (-)
18. B 43. Operating (-), Direct
19. B 44. Operating (-), Direct
20. D 45. Financing (+)
21. B 46. Purchase of building – Investing (-); Decrease in
cash from a long term bank loan – Financing (-)
22. A 47. Operating (-), Indirect
23. A 48. Not a cash flow activity
24. C 49. Financing (-)
25. A 50. Operating (+), Direct

II. PROBLEMS
1. P 2,202,000 19. P 10,100,000
2. P 200,000 20. P 2,100,000
3. P 148,000 21. P 7,600,000
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4. P 2,468,000 22. P 12,400,000

5. P 3,070,000 23. P 21,780,000
6. P 1,317,500 24. P 14,025,000
7. P 22,175,000 25. P 4,080,000
8. P 7,570,000 26. P 3,675,000
9. P 2,100,000 27. P 115,000
10. (P 20,000) 28. P (221,000)
11. P 3,470,000 29. 304,167 shares
12. P 3,500,000 30. P 4.50
13. P 1,750,000 31. 160,000 shares
14. P 2,100,000 32. P 3.94
15. P 7,400,000 33. 15,750 shares
16. (P 13,200,000) 34. P 2.45
17. P 4,000,000 35. P 1,800,000
18. P 1,600,000