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I.TRUEorFALSE(10points) II.MULTIPLECHOICE(10points)
1 0 6 0 1 D 6 A
2 1 7 2 C 7 C
3 0 8 1 3 A 8 D
4 9 0 4 D 9 C
5 10 1 5 A 10 C
(10points)
PROBLEM SOLVING
4 Write-of P 180,000.00
Additional write-of 120,000.00
Allowance for DA based on aging 537,600.00
Allowance for DA beg. -260,000.00
Bad debts for 2013 P 577,600.00
8 AR P 1,200,000.00
Allowance for doubtful accounts (160,000.00)
Net realizable value 1,040,000.00
Selling price (1,000,000.00)
Loss on factoring P 40,000.00
9 Loan P 1,600,000.00
Finance charge (P2,000,000 x 2%) -40,000.00
Cash proceeds P 1,560,000.00
10 Loan P 1,600,000.00
Partial payment (P1,450,000 - P7,500) (1,442,500.00)
Loan balance 157,500.00
Interest rate * 1%
Interest paid on Sep. 1 P 1,575.00
11 Assigned AR P 2,000,000.00
Unassigned AR 500,000.00
Total AR 2,500,000.00
Cash
Date Interest (5%) Interest (10%)
12/31/2012
12/31/2013 20,000
12/31/2014 20,000
12/31/2015 20,000
60,000
2,692,110.00
307,890.00
49,737
300,528
350,265.00
Present
Efective Discount Unamortized Value
Interest (10%) Amortized Discount of Note
49,735 350,265
35,027 15,027 34,708 365,292
36,529 16,529 18,179 381,821
38,179* 18,179 0 400,000
109,735 49,735