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The followrng transactions affecting the accounts receivable of Sweden Co. took place during the year 2016:
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Sales (cash anrl credit) P 600.000 .
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Cash received from cash customers 209,800- n -fr
';"-'.:. - Cash received from credit customers (P237,65A was received ;_r",fit ,'".:.",i i,'.:. -
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from customers who took advantage of the discount feature ' \i ' 'J _

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' Credit memoranda issued to credit customers for sales returns and
allowances
'o?',333
25,000
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1-f - Cash refunds given to cash customers for sales returrs and allowances 15,000 - . . t''r
' Recoveries on accounts receivable written off as uncolle,Jible in prior periods -:'- l,,l'
( lot included in cash collecticrrs above ) 8,500 , ..,
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An,;lgifreof receivables indicate that *P 7,5O0 of the egcounts receivable.batance are'deemed uncollectible' '),,^
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The following balances were taken from the December 31, 2015 balance sheet: Accounts Receivable- P 90,00O; Allowance fpr badi
debts- P 1,400
r 6. What is the accounts receivable ledger balance at December 31, 2O16?
a. 60,000 c.52.650
b. 61,150 d. ,0,000

\.. 7, How much is the!?q-g*e!_tii expense reported in the income statement for the year ended December 31, 2016?
'i a. 4,9OO c. 7,500
b. 2,600 d.11,100
On January 1,2OL5, Thailand Company sold a building for P--5,000,q0f0 to Bangkok Company. Bangkok Company paid P-5q-O,O0O
.down and signed a noninterest bearing note for the balance which is payable in3 equal annual installments every gecelatber;31 of
'each year. The carrying value oJ the building is P4,2O0)000. Assume prevailing interest rate-for a note of this type is L?o/o. The
presentvalueof.anordinaryannirtyof lforthreepbriodsis2.40lB- *,;...
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a. How much as the interest income for the year 2016? "^-i ii
a. 600,000 c. 432,324
b. 492,324 d. 540,000 -l ' {.1
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9. How much is the carrying value of notes on December 3L, 2O16?

a. 3,000,000 c.2,535,O24 f ,-) J ''
b. 3,602,700 d.4,o35,024

Zeus Con-rpany rncluded the fol:olrring items in ri-s inventory on December 31, 2O16:
> Merchandise out on consignment to Hera, at .sales price, p3,000,000
> Goods purchased in transit, FOB Shipprng point 2,000,000
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Goods held on consignment from Ares Company 1,000,000
i Goods sold in transit ,FOB shipping point, at sel€s pnce 4,500,000
> Freight paid by Zeus on consigned goods to t.lei-a 1OO,00O
> Freight paid by Ares Company 5O,0OO
> Freight paid by Zeus on goods purchased 10,000 f't\
> Freight paid by Zeus on goods sold to custon-rer j r',, ;'..-'?; 20,000
> Mark-up on cost is25ok. Consigned goods were still unsdld at December 31,2016,
10. How much should be included in zeus's correct cost of inventory on December 31, 2O16 ? '
\ a. 5,010,000 c. 4,410,000
b. 4,510,000 d. 5,000,000
During 2016, Tartarus Company signe$a nonceDceleble ccntract to purchase 5O0 sacks of rice at p9O0 per sack with delivery to
be
made in z!]t on December st,1ot$ tne iiice c{ir-ii6 r,iir.i falien t,: P 850 per sack. on May 9, 2017, Tartarus company accepts
deliveryof ricewhenthepriceisPSs0persack. \. n.,-,... ' ,:ii /'rj
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, 11. In Decem_ber 31, 2O16 income statement, what amount o{_op,s_g1_!,Uf_clrgsg*c.oMlltmendsrhould be recogniziid?' '
a. 15,000 c. ziooo
b, 10,000 d. 0

t 12' what amount of j9-c9vgr,y of loss.on purchase commitment shoutd Tartarus recognize on May gt ZO,-7,?
a. 10,000 c.25,000 lt,-./..,.L,, .1, i, .'.r.,p.i,l , - ;..1r., ,:l. i,,
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b' 15'ooo d' 0 : 1" ^.

Grapes Comp,anv purchased 20-OOO2rdinary shares .rf Ubas Corp. for PTOO,OOO which includes P5,OOO transaction cost, on January
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7,2077. December 31, 201fthe shares were selling at !l2r rvhich increased to_l3tj,on December 31, 2018.
On lune 30, 2019, Ubas Corp. distributed 20olo bonus issu,-:. Oir July 15, 20i9, Grapes Company sold'15,000 shares 6tl'q.3$ per
share, On December 3!, 2O!9, Ubas Corp. sTEIes iere sellrng at e34.lper share.
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If Grapes Companv classified the investment as held for.IradLnS-rdetdr6gglhe_fglglgin.S!
, 13, The amount of unrealized-gains,or.lossfi jrrit Shoutd be included in the profit or loss statement for the year
/ ended December 31,2O17.

b. 55,000 d. 20,000 l,
PREWEEK-FAR ( BATCH 34 ) D^-^ a a