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    05 Task Performance 1act

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    Palileo Kids
    1. The document provides information on two problems involving the revaluation of assets. The first problem details a building acquired by Jolly Co. in 2009 that was reappraised in 2014, with questions regarding the revaluation surplus and depreciation. The second problem involves plant assets revalued by Macro Co. in 2014, with questions about recording depreciation and revaluation entries. 2. The document contains a rubric for grading that awards up to 5 points for correctly circling the letter of the answer and providing the numerical solution or journal entry. It provides the framework for analyzing and answering 7 multiple choice questions involving asset revaluation accounting. 3. Revaluation accounting and calculations

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    © All Rights Reserved
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    05 Task Performance 1act

    Uploaded by

    Palileo Kids
    552 views1 page
    1. The document provides information on two problems involving the revaluation of assets. The first problem details a building acquired by Jolly Co. in 2009 that was reappraised in 2014, with questions regarding the revaluation surplus and depreciation. The second problem involves plant assets revalued by Macro Co. in 2014, with questions about recording depreciation and revaluation entries. 2. The document contains a rubric for grading that awards up to 5 points for correctly circling the letter of the answer and providing the numerical solution or journal entry. It provides the framework for analyzing and answering 7 multiple choice questions involving asset revaluation accounting. 3. Revaluation accounting and calculations

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    business law

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    1. The document provides information on two problems involving the revaluation of assets. The first problem details a building acquired by Jolly Co. in 2009 that was reappraised in 2014, with questions regarding the revaluation surplus and depreciation. The second problem involves plant assets revalued by Macro Co. in 2014, with questions about recording depreciation and revaluation entries. 2. The document contains a rubric for grading that awards up to 5 points for correctly circling the letter of the answer and providing the numerical solution or journal entry. It provides the framework for analyzing and answering 7 multiple choice questions involving asset revaluation accounting. 3. Revaluation accounting and calculations

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    552 views1 page

    05 Task Performance 1act

    Uploaded by

    Palileo Kids
    1. The document provides information on two problems involving the revaluation of assets. The first problem details a building acquired by Jolly Co. in 2009 that was reappraised in 2014, with questions regarding the revaluation surplus and depreciation. The second problem involves plant assets revalued by Macro Co. in 2014, with questions about recording depreciation and revaluation entries. 2. The document contains a rubric for grading that awards up to 5 points for correctly circling the letter of the answer and providing the numerical solution or journal entry. It provides the framework for analyzing and answering 7 multiple choice questions involving asset revaluation accounting. 3. Revaluation accounting and calculations

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    BM1706

    Name: DATE: SCORE:

    Analyze and answer the given problems. Encircle the letter of the correct answer. Use 10-column
    worksheet for the solutions. (7 items x 5 points)

    PROBLEM I
    On January 1, 2X09, Jolly Co. acquired a building at a cost of P5,000,000. The building has been depreciated
    on the basis of a 20-year life. On January 1, 2X14, an appraisal of the building showed a replacement cost of
    P8,000,000 with no change in useful life.

    1. Ignoring income tax, what amount should be credited to revaluation surplus on January 1, 2X14?
    a. P3,000,000 c. P4,250,000
    b. P2,250,000 d. P6,000,000

    2. What is the depreciation for 2X14?


    a. P250,000 c. P400,000
    b. P150,000 d. P300,000

    3. What is the revaluation surplus that should be reported in December 31, 20X4 statement of financial
    position?
    a. P2,100,000 c. P1,850,000
    b. P2,250,000 d. P2,800,000

    PROBLEM II
    Macro Company applied revaluation accounting to plant assets with carrying amount of P4,000,000 on January
    1, 2X14, useful life of four (4) years, and no residual value. Depreciation is calculated on the straight line basis.
    On December 31, 2X14, independent appraisers determined that the asset has a fair value of P3,750,000.

    1. Which of the following is a correct debit/credit entry in recording the depreciation for 2X14?
    a. Dr. accumulated depreciation c. Cr. accumulated depreciation
    P1,000,000 P250,000
    b. Dr. depreciation P250,000 d. Dr. depreciation P1,000,000

    2. Which of the following is a correct debit/credit entry in recording revaluation on December 31, 2X14?
    a. Dr. accumulated depreciation c. Cr. plant asset P750,000
    P250,000 d. Cr. revaluation surplus P750,000
    b. Cr. depreciation P750,000

    3. Which of the following information is included in the 2014 financial statements?


    a. Accumulated depreciation c. Plant asset P3,750,000
    P1,000,000 d. Revaluation surplus P250,000
    b. Depreciation P250,000

    4. Which of the following is a correct debit/credit entry in recording depreciation for 2X15?
    a. Dr. accumulated depreciation P1,000,000
    b. Dr. depreciation P1,250,000
    c. Cr. accumulated depreciation P750,000
    d. Dr. depreciation P1,000,000
    Rubric for grading
    PERFORMANCE INDICATORS POINTS
    Correct letter is encircled 2
    Correct solutions/entries are provided 3
    TOTAL 5

    05 Task Performance 1 *Property of STI


    Page 1 of 1

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