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    Module 5 Intacc Solu

    Uploaded by

    Miks Enriquez
    This document contains accounting problems and solutions involving inventory, cost of goods sold, depletion, depreciation, and dividends. Problem 1 provides inventory and accounts payable balances before and after adjustments. Problem 2 involves calculating cost of goods sold for two periods based on beginning inventory, purchases and ending inventory. Problem 3 calculates cost and retail inventory values. Problem 4 involves exchanging assets at fair value. Problem 5 calculates total cost of land and building for a new property. The remaining problems involve various calculations related to depletion, depreciation, and determining the maximum dividend payment amount.

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    Module 5 Intacc Solu

    Uploaded by

    Miks Enriquez
    76 views13 pages
    This document contains accounting problems and solutions involving inventory, cost of goods sold, depletion, depreciation, and dividends. Problem 1 provides inventory and accounts payable balances before and after adjustments. Problem 2 involves calculating cost of goods sold for two periods based on beginning inventory, purchases and ending inventory. Problem 3 calculates cost and retail inventory values. Problem 4 involves exchanging assets at fair value. Problem 5 calculates total cost of land and building for a new property. The remaining problems involve various calculations related to depletion, depreciation, and determining the maximum dividend payment amount.

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    This document contains accounting problems and solutions involving inventory, cost of goods sold, depletion, depreciation, and dividends. Problem 1 provides inventory and accounts payable balances before and after adjustments. Problem 2 involves calculating cost of goods sold for two periods based on beginning inventory, purchases and ending inventory. Problem 3 calculates cost and retail inventory values. Problem 4 involves exchanging assets at fair value. Problem 5 calculates total cost of land and building for a new property. The remaining problems involve various calculations related to depletion, depreciation, and determining the maximum dividend payment amount.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    76 views13 pages

    Module 5 Intacc Solu

    Uploaded by

    Miks Enriquez
    This document contains accounting problems and solutions involving inventory, cost of goods sold, depletion, depreciation, and dividends. Problem 1 provides inventory and accounts payable balances before and after adjustments. Problem 2 involves calculating cost of goods sold for two periods based on beginning inventory, purchases and ending inventory. Problem 3 calculates cost and retail inventory values. Problem 4 involves exchanging assets at fair value. Problem 5 calculates total cost of land and building for a new property. The remaining problems involve various calculations related to depletion, depreciation, and determining the maximum dividend payment amount.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 13

    PROBLEM 1 PROBLEM 2

    Inventory Accounts Payable Net Sales


    Unadjusted ₱ 1,250,000 ₱ 1,000,000 ₱ 9,000,000 Balances
    A (165,000) (165,000) - a
    B (20,000) - - b
    C - - 40,000 c
    D 210,000 - - d
    E 25,000 25,000 - Adjusted
    Adjusted ₱ 1,300,000 ₱ 860,000 ₱ 9,040,000
    Physical Inventory Purchases up to May 31, 2021 Purchases up to June 30,2021
    950,000 6,750,000 8,000,000
    - 75,000 -
    - (10,000) (15,000)
    - (20,000) (20,000)
    (55,000) (55,000) -
    895,000 6,740,000 7,965,000
    Inventory, July 1,2020 875,000
    Goods Available for Sale 6,740,000
    Goods Available for Sale 7,615,000
    Inventory, May 31,2021 (895,000)
    Cost of Goods Sold 6,720,000

    Sales up to May 31,2021 8,400,000


    Cost of Goods Sold (6,720,000)
    Gross Profit 1,680,000

    Gross Profit Rate (1,680,000/8,400,000) 20%


    Cost Ratio (100%-20%) 80%
    Sales for June,2021 (9,600,000-8,400,000) 1,200,000
    Cost of Goods Sold with profit (1,100,000x80%) 880,000
    Cost of Goods sold without protfit 100,000
    Cost of Goods sold during June,2021 ₱ 980,000

    Inventory, July 1,2020 875,000


    Purchases up to June 30,2021 7,965,000
    Goods Available for Sale 8,840,000
    Less: Cost of Goods Sold
    Sales with profit (9500,000x80%) 7,600,000
    Sales without profit 100,000 7,700,000
    Inventory, June 30,2021 ₱ 1,140,000
    PROBLEM 3 PROBLEM 4
    Cost Retail 1
    Inventory, beginning ₱ 1,650,000 ₱ 2,200,000
    Net Purchases 3,725,000 4,950,000
    Departmental transfer-credit (200,000) (300,000)
    Net Mark-up - 150,000 2
    Markdown (500,000-400,000) - (100,000)
    Goods available for sale (75%) ₱ 5,175,000 ₱ 6,900,000

    Sales (4,000,000) PROBLEM 5


    Inventory shortage- sales price (100,000)
    Employee Discounts (200,000)
    Inventory- December 31 ₱ 2,600,000

    Average Cost (2,600,000x75%) ₱ 1,950,000


    Problem 6
    Fair value of Prince (recipient) ₱ 900,000
    Less: Cash received 750,000
    Cost of new asset received in exchange ₱ 150,000

    Fair value of Albert (payor) ₱ 150,000


    Add: Cash Payment 750,000
    Cost of new asset received in exchange ₱ 900,000

    Fair value of bonds payable (600,000x102) ₱ 612,000


    Fair value of shares (40,000x19) 760,000
    Total cost of Land ₱ 1,372,000

    Cash price ₱ 950,000


    Installation Cost 30,000
    Total Cost ₱ 980,000
    PROBLEM 7
    Land Building
    Land Purchase Price 2,500,000 -
    Payment of deliquent property taxes 100,000 -
    Title search and insurance 50,000 -
    Assessment for City improvement on water and sewer 150,000 -
    Building Permit - 30,000
    Cost to destroy wxisting building on land 50,000 10,000
    Contract cost of new building - 7,000,000
    Architect fee - 200,000
    Sidewalk and parking lot - -
    Total Cost ₱ 2,850,000 ₱ 7,240,000
    PROBLEM 8
    Land Improvements
    - 1 Cash paid
    - Removal of old building
    - Payment of tenants
    - Fee for title search
    - Survey before construction
    - Assessment for drainage project
    - Cost of grading, leveling, and landfill
    - Total Cost of Land
    100,000
    ₱ 100,000 2 Architect Fee
    Building Permit
    Excavation
    New Building Constructed
    Driveways and walks to building
    Temporary quartes for crew
    Temporary building to house tools and materials
    Cost of construction changes
    Total cost of new building

    3 Cost of trees, shrubs and other landscaping


    New fence surrounding building
    Total cost of land improvement
    ₱ 1,000,000
    50,000
    15,000
    10,000
    20,000
    5,000
    45,000
    ₱ 1,145,000.00

    ₱ 200,000
    30,000
    100,000
    6,000,000
    40,000
    80,000
    60,000
    50,000
    ₱ 6,560,000

    ₱ 70,000
    200,000
    ₱ 270,000
    PROBLEM 9
    Acquisition cost ₱ 26,400,000
    Development cost 3,600,000
    Estimated restoration cost at present value 1,800,000
    Total cost 31,800,000
    Residual value (3,000,000)
    Depletable amount for the current year ₱ 28,800,000

    Rate per unit (28,800,000/1,200,000) 24

    Depletion, ending (80,000x24) ₱ 1,920,000

    Depletion included in cost of goods sold (60,000x24) ₱ 1,440,000


    PROBLEM 10
    Acquisition cost ₱ 10,000,000
    Residual value (3,000,000)
    Depletable amount 7,000,000
    Accumulated Depreciation- Jan 1,2018 (4,000,000x0.70) (2,800,000)
    Remaining depletable amount- January 1,2018 4,200,000

    Original depletion rate (7,000,000/10,000,000) 0.70

    New Depletion Rate (4,200,000/7,500,000) 0.56

    Depletion for 2018 (1,500,000x0.56) ₱ 8,400,000


    PROBLEM 12

    Retained Earnings
    Add: Accumulated Depletion
    Total
    Less: Capital liquidated in prior years 18,750,000
    Unrealized depletion in ending inventory (50,000x P25 per unit) 1,250,000
    Maximum dividend
    12,500,000
    25,000,000
    37,500,000

    20,000,000
    ₱ 17,500,000

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