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    ACC 112 Comprehensive Quiz

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    Crystal Mae Correche
    The document contains 5 accounting problems. Each problem provides financial information about accounts payable, owner's equity, cash, income/expenses, and capital for a business. They ask to calculate the ending balance for each item based on the starting balance and financial transactions that occurred during the period.

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    ACC 112 Comprehensive Quiz

    Uploaded by

    Crystal Mae Correche
    49 views2 pages
    The document contains 5 accounting problems. Each problem provides financial information about accounts payable, owner's equity, cash, income/expenses, and capital for a business. They ask to calculate the ending balance for each item based on the starting balance and financial transactions that occurred during the period.

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    © © All Rights Reserved

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    The document contains 5 accounting problems. Each problem provides financial information about accounts payable, owner's equity, cash, income/expenses, and capital for a business. They ask to calculate the ending balance for each item based on the starting balance and financial transactions that occurred during the period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    49 views2 pages

    ACC 112 Comprehensive Quiz

    Uploaded by

    Crystal Mae Correche
    The document contains 5 accounting problems. Each problem provides financial information about accounts payable, owner's equity, cash, income/expenses, and capital for a business. They ask to calculate the ending balance for each item based on the starting balance and financial transactions that occurred during the period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    ACC 112 (CQ1)

    1. At the beginning of the period, you have Accounts Payable balance of P44,000.
    During the period, you purchased inventories from your supplier, with P78,000
    down payment, and P60,000 balance to be paid 30 days after the sale. You
    also obtained additional loan from a friend amounting to P33,500. Before the
    end of the period, you paid P29,000 to your other suppliers. How much is the
    ending balance of your Accounts Payable? 

    2. In the beginning of the period, you have P200,000 in your owner's equity
    account. In the first month of the period, you have withdrawn P40,000 from the
    business to be used for your children's tuition. Your business earned P88,000
    income and paid P50,000 as expense. You have also invested to your business
    amounting to P33,000 before the end of the period. How much is the ending
    owner's equity? 

    3. At the end of the period, your class ending balance amounted to P200,000.
    During the year, you collected P54,000 from your customers for their accounts.
    You have also earned P40,000 sales from selling goods, but all of these were
    paid outright with cash, prompting you to give 10% discount. During the year,
    you also hired two (2) shop attendants and paying P54,000 in their total
    salaries. Your business incurred P51,000 in utilities during the year. You have
    also invested P308,000 worth of inventories, and P42,000 cash in the business.
    How much is the balance of cash at the beginning of the period? 

    4. BABACKOUTMULI Company earned P42,000 net income at the end of the


    period, with a total income of P177,000. During the period, salaries amounted
    to P26,000, internet expense also amounted to P44,000, and rent expense
    amounted to P55,000. If BABACKOUTMULI earned the highest percentage of
    its income in February 14, 2022 by the help of Facebook Ads, how much did it
    spend on Advertising Expense at the end of the year, considering no additional
    expenses were incurred for the rest of the year?
    5. In the end of 2021, your company sustained a loss of P44,000. At the beginning
    of 2022, you have a capital balance of P128,500 before adjusting the loss.
    During the period you obtained a loan through a secured note amounting to
    P63,600. You have also invested in your company amounting to P21,000 on
    January 2022, and P83,400 on September 2022. You have also withdrawn
    cash P40,500 on April 2022. Your company generated profit of P20,500 on
    January 2022, and a total income of P845,600 from February 2022 to
    December 2022 and an income of P40,000 for January 2022. During the year,
    you incurred P260,000 expenses. How much is your capital balance at the end
    of 2022? 

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