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Dagupan City
College of Business and Accountancy
PIMSAT COLLEGES
Dagupan City
Financial Accounting and Reporting III
Quiz No. 2
CHAPTER II
Part I.
Easy Company provided the following information on December 31,2015:
Inventories 900,000
Patent 800,000
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PIMSAT COLLEGES
Dagupan City
College of Business and Accountancy
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PIMSAT COLLEGES
Dagupan City
College of Business and Accountancy
Direction: Answer the question of each item by encircling the letter of your answer.
Show your solutions. Double rule and encircle your final answer.
Problem 1
The general ledger trial balance of Darwin Company included the following accounts
on December 31, 2013.
Inventory 1,000,000
Cash 300,000
a. 2,800,000
b. 2,550,000
c. 3,600,000
d. 2,100,000
Problem 2
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PIMSAT COLLEGES
Dagupan City
College of Business and Accountancy
Cash 200,000
Inventory 800,000
a. 2,250,000
b. 1,750,000
c. 3,750,000
d. 4,250,000
Problem 3
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PIMSAT COLLEGES
Dagupan City
College of Business and Accountancy
a. 4,500,000
b. 5,100,000
c. 6,500,000
d. 7,800,000
Problem 4
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PIMSAT COLLEGES
Dagupan City
College of Business and Accountancy
Jam Company had P2,000,000 note payable that is due on February 28,2014. The
entity borrowed P1,600,000 on February 25,2014 which has a five year term and used
the proceeds to pay down the note and used other cash to pay the balance. How much
of the P2,000,000 note is classified as noncurrent in the December 31,2013 financial
statements that were issued on March 31,2014?
a. 2,000,000
b. 1,600,000
c. 400,000
d. 0
Problem 5
Cash 600,000
Inventory 1,500,000
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PIMSAT COLLEGES
Dagupan City
College of Business and Accountancy
a. 7,200,000
b. 7,500,000
c. 7,800,000
d. 5,200,000
- END OF QUIZ -
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