[go: up one dir, main page]
Scribd
Upload
6K views4 pages

ANSWER KEY - MULTIPLE CHOICE - THEORIES &amp PROBLEMS

This document contains an answer key for a quiz on theories and problems from Chapter 2. It lists 20 multiple choice questions with their corresponding answers. For each question, it shows the answer choice and provides computations or explanations to support the correct answer. The key is fully completed, with answers and explanations provided for all 20 questions.

Uploaded by

studentone
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
6K views4 pages

ANSWER KEY - MULTIPLE CHOICE - THEORIES &amp PROBLEMS

This document contains an answer key for a quiz on theories and problems from Chapter 2. It lists 20 multiple choice questions with their corresponding answers. For each question, it shows the answer choice and provides computations or explanations to support the correct answer. The key is fully completed, with answers and explanations provided for all 20 questions.

Uploaded by

studentone
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 4

44/44

ANSWER KEY - QUIZ - CHAPTER 2 - MULTIPLE CHOICE - THEORIES & PROBLEMS

1 D ü 1 point
2 D ü 1 point
3 B ü 1 point
4 B ü 1 point
5 C ü 1 point
6 A ü 1 point
7 D ü 1 point
8 D ü 1 point
9 C ü 1 point
10 D ü 1 point
11 D ü 1 point
Note: In the absence of value agreed upon by the partners, any property contributed to the
partnership shall be recorded at fair market value which is P18,000 in this case
12 C ü 1 point
Computation:
Sarabia Abad
2% allowance for doubtful accts (370.00) (270.00)
Furniture & Fixture 1,000.00
Office equipment (250.00)
Unrecorded rent expense (1,000.00)
Unrecorded salary expense (800.00)
Inventories (500.00) 1,500.00
Net Credit (Debit) Adjustments (870.00) 180.00
13 B ü 1 point
Computation:
Sarabia Abad Total
Accounts Payable 45,750.00 18,000.00 63,750.00
Rent Payable 1,000.00 1,000.00
Salary Payable 800.00 800.00
Total Liabilities 46,750.00 18,800.00 65,550.00
14 C ü 1 point
Computation:
Sarabia Abad Total
Cash 9,000.00 3,750.00 12,750.00
Accounts Receivable 18,500.00 13,500.00 32,000.00
Allowance for Unc. Accts (370.00) (270.00) (640.00)
Inventories 29,500.00 21,000.00 50,500.00
Furniture & Fixture (net) 31,000.00 9,000.00 40,000.00
Office Equipment (net) 11,500.00 2,500.00 14,000.00
Prepaid Expenses 6,375.00 3,000.00 9,375.00
Total Assets 105,505.00 52,480.00 157,985.00
15 B ü 1 point
Note: In the absence of value agreed upon by the partners, any property contributed to the
partnership shall be recorded at fair market value which is P500,000 in this case.
16 B ü 1 point
Computation:
Isada U- Reyes
Assets 75,000.00 113,000.00
Liabilities (5,000.00) (34,500.00)
Unadjusted capital 70,000.00 78,500.00
Adjustments:
Increase in Inventory 4,000.00
Setting up of Allow. For Unc. Accts (1,000.00) (1,500.00)
Recognition of Accounts Payable (4,000.00)
Adjusted Capital 65,000.00 81,000.00
17 D ü 1 point
Computation:
Cash 70,000.00
Machinery Equipment 75,000.00
Building 225,000.00
Mortgage loan (80,000.00)
Borromeo's capital account balance 290,000.00
18 A ü 1 point
Computation:
Cash 70,000.00
Machinery Equipment 75,000.00
Building 225,000.00
Borromeo's capital account balance 370,000.00
19 B ü 1 point
Computation:
Foja Lupian Retada
Cash 50,000.00 - -
Property - 80,000.00 -
Mortgage - (35,000.00) -
Equipment - - 55,000.00
Capital balances 50,000.00 45,000.00 55,000.00

20 C ü 1 point
Computation:
Cash 9,000.00
Accounts Receivable 189,000.00
Allowance for uncollectible accounts (12,000.00)
Merchandise Inventory 460,000.00
Store Equipment 140,000.00
Antonia's adjusted capital balance 786,000.00
Multiplied by 2
Cash contribution of Andrea 1,572,000.00
} ü 3 points

} ü 3 points

} ü 3 points
} ü 3 points

} ü 3 points

} ü 3 points

} ü 3 points

} ü 3 points

You might also like