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Finac 3 Quiz

The document contains Paolo Butones' business records for 2014, including totals for sales, cash sales, accounts receivable, inventory, utilities expenses, and other financial details. It asks the reader to compute 15 items from the data, such as collections from accounts receivable, advances earned, cost of goods sold under different accounting bases, and net income statements using cash and accrual bases.

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Lian Garl
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57 views1 page

Finac 3 Quiz

The document contains Paolo Butones' business records for 2014, including totals for sales, cash sales, accounts receivable, inventory, utilities expenses, and other financial details. It asks the reader to compute 15 items from the data, such as collections from accounts receivable, advances earned, cost of goods sold under different accounting bases, and net income statements using cash and accrual bases.

Uploaded by

Lian Garl
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Paolo Butones has the following set of records for

his business during 2014.

Paolo Butones has the following set of records for


his business during 2014.

Total Sales Accrual

25,000,000.0
0

Total Sales Accrual

25,000,000.0
0

Cash Sales

1,500,000.00

Cash Sales

1,500,000.00

Advances Received from Customers

1,000,000.00

Advances Received from Customers

1,000,000.00

Accounts Receivable Beginning

1,400,000.00

Accounts Receivable Beginning

1,400,000.00

Accounts Receivable End

1,200,000.00

Accounts Receivable End

1,200,000.00

Advances from Customers beginning

1,500,000.00

Advances from Customers beginning

1,500,000.00

Advances Earned During the year


Advances from Customers End

Advances Earned During the year

750,000.00

Advances from Customers End

Total Purchases - Cash Basis

7,000,000.00

Total Purchases - Cash Basis

7,000,000.00

Accounts Payable Beginning

750,000.00

Accounts Payable Beginning

750,000.00

Accounts Payable End

400,000.00

Accounts Payable End

400,000.00

Advances to Supplier's Beginning

900,000.00

Advances to Supplier's Beginning

900,000.00

Advances To Suppliers End

750,000.00

Advances To Suppliers End

750,000.00

Advances Applied this period

500,000.00

Advances Applied this period

500,000.00

Prepaid Insurance Beginning

45,000.00

Prepaid Insurance Beginning

45,000.00

Prepaid Insurance End

50,000.00

Prepaid Insurance End

50,000.00

Insurance Expense - Accrual

30,000.00

Insurance Expense - Accrual

30,000.00

Inventory Beginning

450,000.00

Inventory Beginning

450,000.00

Inventory End

750,000.00

Inventory End

750,000.00

Utilities Payable - Beginning

170,000.00

Utilities Payable - Beginning

170,000.00

Utilities Payable - End


Utilities Expenses Paid During the
Period

120,000.00

Utilities Payable - End


Utilities Expenses Paid During the
Period

120,000.00

200,000.00

Compute for the Following


Collections From AR

Collections From AR

Advances Earned

Advances Earned

Total Sales Under Cash Basis

Total Sales Under Cash Basis

Amount Paid to Account Payables

Amount Paid to Account Payables

Amount Paid to Advances To Suppliers

Amount Paid to Advances To Suppliers

Insurance Expenses - Cash Basis

Insurance Expenses - Cash Basis

Insurance Expenses - Accrual Basis

Insurance Expenses - Accrual Basis

Cost of Goods Sold - Accrual Basis


Cost of Goods Sold - Cash Basis of
Accounting

Cost of Goods Sold - Accrual Basis


Cost of Goods Sold - Cash Basis of
Accounting

Utilities Expense - Accrual Basis


Utilities Expense -Cash Basis
Net Income Under Cash Basis of
Accounting
Net Income Under Accrual Basis of
Accounting
Income Statement Under Cash Basis of Accounting
Income Statement Under Accrual Basis of Accounting

200,000.00

Compute for the Following

9
1
0
1
1
1
2
1
3
1
4
1
5

?
750,000.00

9
1
0
1
1
1
2
1
3
1
4
1
5

Utilities Expense - Accrual Basis


Utilities Expense -Cash Basis
Net Income Under Cash Basis of
Accounting
Net Income Under Accrual Basis of
Accounting
Income Statement Under Cash Basis of Accounting
Income Statement Under Accrual Basis of Accounting

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