[go: up one dir, main page]
Scribd
Upload
191 views2 pages

Domondon - Acctg 3 - Prelim Quiz 2

This document provides an accounting exam with 5 problems testing skills in calculating cash flows from operating, investing, and financing activities using financial statement information. Problem I asks to calculate net cash flow from operating activities for Jenny Corporation using beginning and ending account balances. Problem II asks to calculate net cash flow from operating and investing activities for Bonus Round Company using cash flow amounts and gains/losses on asset sales. Problem III asks to calculate net cash flow from operating activities for Coolman Company using beginning and ending balances and cash flow amounts. Problem IV asks to calculate net cash flow from operating activities for Prince Company using beginning balances, cash flows, income, and dividends. Problem V asks to calculate gross sales and gross profit for Natasha Company

Uploaded by

Prince Anton Domondon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
191 views2 pages

Domondon - Acctg 3 - Prelim Quiz 2

This document provides an accounting exam with 5 problems testing skills in calculating cash flows from operating, investing, and financing activities using financial statement information. Problem I asks to calculate net cash flow from operating activities for Jenny Corporation using beginning and ending account balances. Problem II asks to calculate net cash flow from operating and investing activities for Bonus Round Company using cash flow amounts and gains/losses on asset sales. Problem III asks to calculate net cash flow from operating activities for Coolman Company using beginning and ending balances and cash flow amounts. Problem IV asks to calculate net cash flow from operating activities for Prince Company using beginning balances, cash flows, income, and dividends. Problem V asks to calculate gross sales and gross profit for Natasha Company

Uploaded by

Prince Anton Domondon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
You are on page 1/ 2

Saint Louis College

City of San Fernando, La Union

College of Commerce, Secretarial and Accountancy


ACCTG 3 (INTERMEDIATE ACCOUNTING 3)
PRELIM QUIZ 2, 1st SEM. 2022-2023
I. PROBLEM SOLVING.
Directions: Read and carefully understand each requirements. Show the solution of your answer. Make a
summary of your final answers in front page and solutions on the succeeding pages. Remember to
encircle your final answers in the solution part. Round off your monetary answer in two decimal
places.

PROBLEM I

Jenny Corporation had the following account balances for 2022

January 1 December 31
Accounts Receivable 84,000 66,600
Accounts Payable 24,600 37,200
Prepaid rent expense 67,200 58,200
Inventories 55,000 55,000
Accrued Expenses 25,000 35,000

Net income of the corporation is P500,000.

Compute for the net cash flow from operating activities of corporation (5pts)

PROBLEM II
Bonus Round Company had the following cash flows during 2022:
Increase in accounts receivable 300,000
Depreciation Expense 900,000
Amortization Expense 99,000
Net Income 250,000
Gain on sale of Equipment 440,000
Loss on sale of Building 210,000

Required:
Compute for the net cash flow from operating activities (5pts)
Compute for the net cash flow from investing activities if the only disposal for the year are the disposals above and
the cost of PPE decrease by P500,000 (5pts)

PROBLEM III

Coolman Company provided the following data for the preparation of the statement of cash flows for the current year:

Dividends declared and paid 800,000


Cash flow from investing activities (2,500,000)
Cash flow from financing activities ( 800,000)

December 31 January 1
Cash 2,200,000 1,200,000
Other Assets 21,000,000 22,700,000
Liabilities 10,500,000 11,700,000
Share Capital 2,000,000 2,000,000
Retained Earnings 10,700,000 10,200,000

Required:
Compute for net cash flow from operating activities (5pts)
PROBLEM IV

Prince Company provided the following information for the current year:

December 31 January 1
2
Cash 1,500,000 1,000,000
Retained Earnings 7,000,000 5,400,000
Cashflow from operating activities ?
Cashflow from Investing activities (4,800,000)
Cashflow from financing activities 1,800,000
Dividends declared and paid 2,000,000
Net Income 3,600,000

Required:
Compute for net cash flow from operating activities (5pts)

PROBLEM V
Natasha Company showed net income of P480,000 in the income statement for the current year. Selling expenses
were equal to 15% of sales and also 25% of cost of goods sold. All other expenses were 13% of sales. What was
the gross profit for the current year?

Required:
Compute for the gross sales for the current year (5pts)
Compute for the gross profit for the current year (5pts)

-End of Examination-
Good luck!
Prepared by:

PRINCE ANTON O. DOMONDON, CPA


Instructor

You might also like