AUDIT PROBLEM

Cost of right of use asset is?

• a. P224,017

• b. P228,345

• c. P275,213

• d, P244,868

Based on the information given and the result of your audit, compute for the cash and cash equivalents that will be reported on the December 31, 2021 statement of financial position.

• A. P2,704,000

• B. P2,748,000

• C. P2,780,000

• D. P3,084,000

Total interest income for 2018 is? use the straight line amortization method.

• A. P86,400

• B. P86,000

• C. P105,600

• D. P105,000

The gain on sale of Bebe shares on July 1, 2021 is

• A. P6,500

• B. P0

• C. P20,000

• D. P18,650

The impairment loss to be recognized in 2021 profit or loss is?

• A. P 534,644

• B. P560,000

• C. P582,865

• D. P0