1.

Imprest balance of petty cash fund 30,000

Disbursements, expenses (16,250)
Disbursements, employee (3,500)
Balance 10,250 B

2. Accountanbility Accounted
Imprest balance 30,000
Currencies and coins at count date (10,250 – 5,903) 4,347
Vouchers 22,153
IOUs . 3,500
Total 30,000 30,000 A

3. Unadjusted balances 748,320 638,340

NSF check (22,500)
Bank error 7,520 – 5,720 1,800
Unrecorded receipt 3,500
Recorded postdated check (67,300)
Debit memo (230,000)
Credit memo 1,950
Bank service charge (1,260)
Deposit in transit (136,250 -67,300) 68,950
Outstanding check . (276,380)
Adjusted balance 432,710 432,710 C

4. Journal entry:
Accounts receivable (22,500 + 67,300) 89,800 A
Equipment 230,000
Bank service charge expense 1,260
Interest income 1,950
Advances from employee 3,500
Cash (748,320 – 432,710) 315,610

5. Tsunami bank 432,710

Petty cash fund 10,250
Time deposit 1,000,000
Money market 4,000,000
Cash and cash equivalents 5,442,960 D

6. Accountability Accounted
Imprest bal 20,000
undeposited collection 1,000
Unclaimed salaries 780
Currencies and coins 2,730
Accomodation check 6,000
Replenishment check 4,000
IOUs 1,750
Vouchers . 6,331.5
Total 21,780 20,811.5
Shortage 968.5 C

7. Currencies and coins 2,730

Accomodation check 6,000
Replenishment check 4,000
Adjusted PCF 12,730 D

8. None, there were undeposited collection on January, none as of December D



9. Accountability Accounted
Imprest balance 4,000
Employee contribution 200
Currencies and coins 1,272
Envelope containing contribution 200
Vouchers 1,198
Replenishment check 1,100
Accommodation check . 230
Total 4,200 4,000
Shortage 200 D

10. Currencies and coins 1,272

Replenishment check 1,100
Adjusted balance of PCF 2,372 C



11. Accounts receivable, December 31, 2017 500,000
Credit sales 3,120,000
Collections (3,020,160)
Recoveries (assume included in the collections, the problem states “total”) 2,160
Write off (42,000) A
Accounts receivable, December 31, 2018 560,000

12. 560,000 x 60% x 1% 3,360

560,000 x 22% x 12% 14,784
560,000 x 15% x 55% 46,200
560,000 x 3% x 80% 13,440
Allowance, December 31, 2018 77,784 C

13. Allowance, December 31, 2017 48,000

Write off (42,000)
Recoveries 2,160
Bad debt expense squeeze 69,624 B
Allowance, December 31, 2018 refer no. 2 77,784

14. Accounts receivable, December 31, 2018 560,000

Allowance, December 31, 2018 refer no. 2 77,784
NRV, December 31, 2018 482,216 D

15. 560,000 x 60% x 1% 3,360

560,000 x 22% x 12% 14,784
560,000 x 15% x 55% 46,200
Allowance, December 31, 2018 64,344 B


16. Inventory, beginning 220,000
Purchases 1,560,000
CGS 2,512,000 / 1.60 1,570,000
Inventory, end 210,000 B

17. Inventory, end (should be) 210,000

Physical count 192,000
Missing inventory 18,000
Unit cost 1.45
Total cost of missing 26,100 C

18. Cost Retail

Inventory, beginning 1,020,000 1,920,000
Purchases 13,072,500 22,155,000
Freight in 300,000
Purchase return ( 450,000) ( 750,000)
Purchase allowance ( 270,000)
Departmental transfer debit 300,000 425,000
Departmental transfer credit ( 600,000) ( 1,200,000)
Net markup 450,000
Net markdown ( 1,425,000)
Abnormal spoilages and breakages ( 120,000) ( 200,000)
Total goods available for sale 13,252,500 21,375,000

Net sales
Sales 19,800,000
Sales returns and allowance ( 450,000)
Employee discount 300,000
Normal spoilage and breakages 600,000 20,250,000
Ending, retail 1,125,000
LCNRV approach 58%
Ending, cost 652,500
Physical count (400,000)
Missing 252,500 B

19. Ending, retail 1,125,000

Average approach 62%
Ending, cost 697,500
Physical count (400,000)
Missing 297,500 A

20. Ending, retail 1,125,000

FIFO approach 63%
Ending, cost 708,750
Physical count (400,000)
Missing 308,750 C
Cost ratio under average approach
TGAS @ cost 13,252,500
62%
TGAS @ retail 21,375,000

Cost ratio under LCNRV / conservative approach

TGAS @ cost 13,252,500
58%
TGAS @ retail + markdown – markdown cancellation 21,375,000 + 1,425,000

Cost ratio under FIFO approach

TGAS @ cost – inventory, beg @ cost 13,252,500 – 1,020,000
63%
TGAS @ retail – inventory, beg @ retail 21,375,000 – 1,920,000









21. Fair value, January 1, 2017 695,000
Fair value, December 31, 2017 640,000
Unrealized loss 55,000 B

22. Carrying amount, January 1, 2018 (20,000 x 36) 720,000

Number of shares (20,000 x 120%) 24,000
CA per share 30
Shares sold 15,000
CA of shares sold 450,000

Selling price (15,000 x 35) 525,000

CA of shares sold (450,000)
Gain on sale 75,000 C

23. Initial measurement 700,000

Fair value, December 31, 2018 720,000
Unrealized gain, cumulative 20,000 C

24. Initial measurement 700,000

Fair value, at date of sale (20,000 x 120% x 35) 840,000
Unrealized gain, cumulative 140,000
Portion of the shares sold 15/24
Transfer 87,500 A


25. Carrying amount, measured at fair value 1,075,000 C

26. Fair value Amortized cost BS

2020 1,065,000 1,070,893 (5,893)
2021 1,075,000 1,054,438 20,562
2022 1,056,500 1,037,160 19,340
2023 1,030,000 1,019,018 10,982
2024 1,000,000 1,000,000 0

BS 2020 (5,893)
BS 2021 20,562
OCI 2021 26,455 A

27. BS 2021 20,562

BS 2022 19,340
OCI 2022 1,222 D

28. BS 2022 19,340

BS 2023 10,982
OCI 2023 8,358 A

29. FV 2023 1,030,000

AC 2023 1,019,018
BS 2023 10,982 C

30. Total cost 14,000,000
Fair value of the net asset acquired (33M x 40%) 13,200,000
Goodwill 800,000 C

31. Net income reported, 2016 3,000,000

Amortization of excess FV, PPE (8,000,000 / 10) (800,000)
Amortization of excess FV, Inventory (1,000,000)
Adjusted net income 1,200,000
Ownership share 40%
Investment income 480,000 B

32. Net income reported, 2017 5,000,000

Amortization of excess FV, PPE (8,000,000 / 10) (800,000)
Amortization of excess CA, Land 1,500,000
Adjusted 5,700,000


 Ownership share 40%
Investment income 2,280,000 B

33. Total cost 14,000,000

Investment income 2016 480,000
Dividend (400,000)
Investment income 2017 2,280,000
Dividend (800,000)
Carrying amount, 12/31/17 15,560,000 A

34. Fair value of asset given up 92,000
Carrying amount of asset given up (100,000)
Loss, by Nananananna (8,000)

Fair value of asset given up 69,000

Carrying amount of asset given up (75,000)
Loss, by AAA 6,000 B

35. Fair value of asset given up 92,000

Carrying amount of asset given up (100,000)
Loss, by Nananananna (8,000)

Fair value of asset given up 95,000

Carrying amount of asset given up (85,000)
Loss, by CCC 10,000 A

36. Fair value of asset given up 92,000

Cash paid 93,000
Initial measure 185,000 C

37. Carrying amount of given up, BBB (152,000 – 71,000) 81,000

Gain or loss 0 D

38. Fair value of asset given up 92,000

Carrying amount of asset given up (100,000)
Loss, by Nananananna (8,000) A

39. Carrying amount January 1, 2023 300,000
Remaining useful life 10 yrs. + 5 yrs. 15
Depreciation 20,000 A

40. Initial measurement (650,000 + 5,000 + 20,000 + 4,000) 679,000

Depreciation [(679,000 – 50,000) /20] x 2 (62,900)
Additional capitalizable cost of improvement 48,600
Carrying amount, 1/1/23 664,700
Salvage vaue (50,000)
Depreciable cost 614,700
Remaining useful life 18 years
Depreciation 34,150 D

41. Cost 680,000

Depreciation rate 200% / 8 25%
July – Dec. 31 6/12
Depreciation 85,000 A

42. Initial measurement (9M + 1M – 500T) 9,500,000

Total tons 3,800,000
Depletion rate 2.5
Depleted tons 700,000
Depletion 1,750,000 B

43. Cash price, initial measurement 200,000

Useful life 10 years
Depreciation 20,000 C



44. Bonus
45. Bonus
46. Bonus
47. Bonus
48. Bonus

49. Cost 1,200,000
Accumulated depreciation, 12/31/24 (1,200,000 / 8) x 2 (300,000)
Carrying amount 900,000
Recoverable amount 600,000
Impairment 300,000 B

50. New carrying amount, 12/31/24 600,000

Subsequent depreciation (600,000 / 6) (100,000)
Carrying amount, at reversal date 500,000
New recoverable amount 570,000
Reversal 70,000 C