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2018. The bookkeeper of the client provided you the following summarized data taken directly You were assigned to audit the books of BACOLOD CORP. for the period ended December 31, from its records: 1. Whe 2. Sales for cash Total cash collected from charge customers Cash purchases of merchandise Credit purchases of merchandise Expenses paid in cash Accounts receivable, January 1 Accounts receivable, December 31 Bad debt expense wial Recovery of bad debts Allowance for doubtful accounts, January 1 Allowance for doubtful accounts, December 31 Accounts payable, January 1 Accounts payable, December 31 Merchandise inventory, January 1 Merchandise inventory, December 31 Accrued expenses, December 31 Prepaid expenses, December 31 Furniture and equipment, at cost Interest received Accrued interest income, January 1 Purchase returns Purchase discounts confecl cost.. 3. How much is the correct depreciation expense for the year? 4. What is the net income for the year? CHAPTER 11-PROBLEM 8: ai: P7,500,000 2,550,000 5,100,000 1,200,000 2,250,000 750,000 1,200,000 Additional information: The furniture and equipment which had an estimated useful life of 10 years were acquired on July 1, 2015 and were estimated to have a 10% salvage value based on cost. The company uses the double declining balance method in computing the depreciation. Requirements: 100,000 25,000 125,000 175,000 450,000 600,000 1,500,000 1,800,000 60,000 90,000 3,000,000 120,000 30,000 120,000 210,000

2018. The bookkeeper of the client provided you the following summarized data taken directly You were assigned to audit the books of BACOLOD CORP. for the period ended December 31, from its records: 1. Whe 2. Sales for cash Total cash collected from charge customers Cash purchases of merchandise Credit purchases of merchandise Expenses paid in cash Accounts receivable, January 1 Accounts receivable, December 31 Bad debt expense wial Recovery of bad debts Allowance for doubtful accounts, January 1 Allowance for doubtful accounts, December 31 Accounts payable, January 1 Accounts payable, December 31 Merchandise inventory, January 1 Merchandise inventory, December 31 Accrued expenses, December 31 Prepaid expenses, December 31 Furniture and equipment, at cost Interest received Accrued interest income, January 1 Purchase returns Purchase discounts confecl cost.. 3. How much is the correct depreciation expense for the year? 4. What is the net income for the year? CHAPTER 11-PROBLEM 8: ai: P7,500,000 2,550,000 5,100,000 1,200,000 2,250,000 750,000 1,200,000 Additional information: The furniture and equipment which had an estimated useful life of 10 years were acquired on July 1, 2015 and were estimated to have a 10% salvage value based on cost. The company uses the double declining balance method in computing the depreciation. Requirements: 100,000 25,000 125,000 175,000 450,000 600,000 1,500,000 1,800,000 60,000 90,000 3,000,000 120,000 30,000 120,000 210,000

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section: Chapter Questions
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2018. The bookkeeper of the client provided you the following summarized data taken directly You were assigned to audit the books of BACOLOD CORP. for the period ended December 31, from its records: 1. Whe 2. Sales for cash Total cash collected from charge customers Cash purchases of merchandise Credit purchases of merchandise Expenses paid in cash Accounts receivable, January 1 Accounts receivable, December 31 Bad debt expense Recovery of bad debts Allowance for doubtful accounts, January 1 Allowance for doubtful accounts, December 31 Accounts payable, January 1 Accounts payable, December 31 wal Merchandise inventory, January 1 Merchandise inventory, December 31 Accrued expenses, December 31 Prepaid expenses, December 31 Furniture and equipment, at cost Interest received Accrued interest income, January 1 Purchase returns Purchase discounts correct cUSE Cai: CHAPTER 11-PROBLEM 8: 3. How much is the correct depreciation expense for the year? 4. What is the net income for the year? P7,500,000 2,550,000 5,100,000 1,200,000 2,250,000 Additional information: The furniture and equipment which had an estimated useful life of 10 years were acquired on July 1, 2015 and were estimated to have a 10% salvage value based on cost. The company uses the double declining balance method in computing the depreciation. Requirements: 750,000 1,200,000 100,000 25,000 125,000 175,000 450,000 600,000 1,500,000 1,800,000 60,000 90,000 3,000,000 120,000 30,000 120,000 210,000
Transcribed Image Text:2018. The bookkeeper of the client provided you the following summarized data taken directly You were assigned to audit the books of BACOLOD CORP. for the period ended December 31, from its records: 1. Whe 2. Sales for cash Total cash collected from charge customers Cash purchases of merchandise Credit purchases of merchandise Expenses paid in cash Accounts receivable, January 1 Accounts receivable, December 31 Bad debt expense Recovery of bad debts Allowance for doubtful accounts, January 1 Allowance for doubtful accounts, December 31 Accounts payable, January 1 Accounts payable, December 31 wal Merchandise inventory, January 1 Merchandise inventory, December 31 Accrued expenses, December 31 Prepaid expenses, December 31 Furniture and equipment, at cost Interest received Accrued interest income, January 1 Purchase returns Purchase discounts correct cUSE Cai: CHAPTER 11-PROBLEM 8: 3. How much is the correct depreciation expense for the year? 4. What is the net income for the year? P7,500,000 2,550,000 5,100,000 1,200,000 2,250,000 Additional information: The furniture and equipment which had an estimated useful life of 10 years were acquired on July 1, 2015 and were estimated to have a 10% salvage value based on cost. The company uses the double declining balance method in computing the depreciation. Requirements: 750,000 1,200,000 100,000 25,000 125,000 175,000 450,000 600,000 1,500,000 1,800,000 60,000 90,000 3,000,000 120,000 30,000 120,000 210,000
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