________1. On 2020, an entity made cash sales of ₱3,000,000. It paid ₱1,000,000 in expenses and owed ₱300,000 for services it received in 2020 but payable in 2021. What is the profit for 2020? A. ₱1,200,000 B. ₱1,700,000 C. ₱2,000,000 D. None of the above
_________1. On 2020, an entity made cash sales of ₱3,000,000. It paid ₱1,000,000 in expenses and owed ₱300,000 for services it received in 2020 but payable in 2021. What is the profit for 2020?
A. ₱1,200,000
B. ₱1,700,000
C. ₱2,000,000
D. None of the above
_________2. Calculate for the profit given the data below:
Sales ₱2,000,000
Prepaid Rent Expense (2 months advance payment) 50,000
Cost of Sales 400,000
Operating Expenses 300,000
Admin Expenses 100,000
A. ₱1,150,000
B. ₱1,200,000
C. ₱1,250,000
D. None of the above
_________3. Which of the following is an expense?
A. Interest paid on loan
B. Withdrawal of cash made by the owner
C. Payment received for service rendered to customer
D. Repayment of principal amount of a loan
_________4. How much is the reportable expenses for June 2021?
• Received electricity bill for ₱10,000 for use of electricity in June 2021; payable in July 2021.
• Paid ₱15,000 in June 2021 as advance payment of rent for July, August and September 2021.
A. ₱10,000
B. ₱15,000
C. ₱25,000
D. None of the above
_________5. Based on the following transactions, what is the total revenues for 2020?
• Cash sales of ₱1,000,000 in 2020
• Credit sales of ₱6,000,000 in 2020 of which P4,500,000 was received in 2020.
• Received ₱500,000 from accounts receivable in 2020, related to sales in 2019.
A. ₱5,500,000
B. ₱7,000,000
C. ₱7,500,000
D. None of the above
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