Odyssey 5 - Difficult
Quiz
•
Business
•
KG
•
Practice Problem
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Hard
Joel Magpantay
Used 3+ times
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6 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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2.
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2 mins • 1 pt
On January 1, 20x1, Entity A received land with fair value of ₱200,000 from the government conditioned on the construction of a building on the lot. Entity A started immediately the construction and it was completed on December 31, 20x1 for a total cost of ₱ 1,000,000. The building has an estimated useful life of 10 years and zero residual value. How much is the income from government grant in 20x1?
3.
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2 mins • 1 pt
Love Company was incorporated on July 1, 2017, with ₱ 2,000,000 from the issuance of shares and borrowed funds of ₱ 300,000. During the first year of operations, net income was ₱ 100,000. On December 15, Love paid ₱ 8,000 cash dividends. No additional activities affected owner’s equity in 2017. At December 31, 2017 Love Company’s liabilities had increased to ₱ 376,000. In Love’s, December 31, 2017 balance sheet total assets should be reported at:
4.
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2 mins • 1 pt
Mr. Herman’s adjusted trial balance at December 31, 2017, includes the following:
Ordinary Share ₱3 par - ₱360,000
Share Premium - ₱480,000
Treasury Share at cost - ₱30,000
Net Unrealized Loss on Available for Sale Securities - ₱12,000
Retained Appropriated for Contingencies - ₱90,000 Unappropriated Retained Earnings - ₱120,000
What should Mr. Herman report as total shareholder’s equity in its December 31, 2017 balance sheet?
5.
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2 mins • 1 pt
On January 1, 20x1, Atimonan Company acquired 2,000, 10% ₱ 1,000 bonds from XYZ, Inc. for ₱ 1,937,951. The bonds are classified at amortized cost. The principal matures on December 31, 20x41 however, interest is due annually every December 31. The effective interest rate is 11%. How much is the carrying amount on December 31, 20x1? Round off your answer to the nearest peso.
6.
FILL IN THE BLANK QUESTION
2 mins • 1 pt
Information on ABC. Co’s defined benefit plan is shown below:
PV of DBO, Jan 1 120,000
Current service cost 30,000
Discount rate 10%
Benefits paid to retirees 50,000
Decrease in PV of DBO during the year due to changes in actuarial assumptions 10,000
Compute the ending balance of the PV of DBO.
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