Apa
Apa
Apa
c) The cash flows expected to be generated by the 7. How much is the unadjusted bank receipts for
customer list are P120,000 in 2020 and P80,000 in December?
2021. a. P2,204,500 c. P2,227,200
b. P2,113,900 d. P2,216,800
REQUIRED:
8. How much is the unadjusted bank disbursements for
Based on the above and the result of your audit, determine
December?
the following: (Assume that the appropriate discount rate
a. P2,169,450 c. P2,157,350
for all items is 6%):
b. P2,179,850 d. P2,189,700
1. Total amortization for the year 2019
a. P 73,333 c. P141,515 9. How much is the unadjusted bank balance as of
b. P116,190 d. P 86,857 December 31?
a. P317,300 c. P307,800
2. Impairment loss for the year 2019
b. P230,400 d. P326,800
a. P313,990 c. P179,584
b. P133,333 d. P207,970 10. An auditor compares information on canceled checks
with information contained in the cash disbursement
3. Carrying amount of Trademark as of December 31,
journal. The objective of this test is to determine that
2019
a. recorded cash disbursement transactions are
a. P300,000 c. P166,667
properly authorized.
b. P257,143 d. P 49,173
b. proper cash purchase discounts have been
recorded.
4. Carrying amount of Goodwill as of December 31, 2019 c. cash disbursements are for goods and services
a. P1,500,000 c. P1,393,980 actually received.
b. P1,425,000 d. P1,462,500 d. no discrepancies exist between the date on the
5. Carrying amount of Customer list as of December 31, checks and the data in the journal.
2019
a. P220,000 c. P176,000 PROBLEM NO. 3
b. P146,667 d. P 0 The accountant of Unjust Inc. presented to you the
following details of its subsidiary ledger in relation to your
PROBLEM NO. 2 audit of the company’s accounts receivable balance as of
In connection with your examination, the MQM Company December 31,2019:
presented to you the following information regarding its Customer Invoice Date Amount
Cash in Bank account for the month of December:
Cheap Inc. December 20 P 550,000
a) Balances of cash in bank account in company’s books:
December 1 1,200,000
November 30, P165,450, and December 31, P226,800.