Solutions - Quiz 09.10.18

9:00 AM 10:30 AM 1:30 PM 3:00 PM
ACB ACD ACA ACC

PASSED 5 8 6 17
FAILED 34 28 33 21
TOTAL 39 36 39 38
% passed 13% 22% 15% 45%
TOP SCORER/S:
REMOLE 42/50, 84%
CASAS 40/50, 80%
ABECIA 40/50, 80%
TEOPE 44/50, 88%
TRUE OR FALSE
1. TRUE 2 pts
2. FALSE 2 pts
3. TRUE 2 pts
4. FALSE 2 pts
5. FALSE 2 pts
A. KALOB COMPANY'S General and Administrative expenses
Telephone expense 95,000

Legal fees 74,000
Officers' salaries 115,000
Total G&A 284,000 5 pts
B. VOYAGER'S Selling expenses
Advertising 300,000
Freight out 160,000
Rent - half 220,000
Sales salaries & commissions 280,000
Total Selling expenses 960,000 5 pts
C. DIVINE COMPANY'S OCI
Unrealized gain on equity investment - FVOCI 1,000,000

Unrealized loss on debt investment - FVOCI (1,200,000)
Unrealized gain on futures contract designated
as a cash flow hedge 400,000
Translation gain on foreign operation 200,000
Net "remeasurement" gain on defined benefit plan 600,000
Loss on credit risk of a financial liability at FVPL (300,000)
Revaluation surplus during the year 2,500,000
Other comprehensive income 3,200,000 5 pts
D. EAGLE CO - Current liabilities
Current liabilities, unadj 200,000

Add:
Accounts payable 30,000
Bonds payable, due 2018 50,000
Less: Discount on bonds payable, due 2018 (6,000)
Dividends payable on Jan. 31, 2018 16,000
Current liabilities, adj 290,000 5 pts
E. RAINBOW CO. - NET INCOME
ASSETS RE, beg. -

Cash 142,500 Net income 480,000 workback
Accounts receivable (30,000) Less: Div (82,500)
Inventory 202,500 RE, end 397,500
Building & Eqpt 630,000
TOTAL ASSETS 945,000
LIABILITIES
Accounts payable (172,500)
Bonds payable 375,000
202,500
EQUITY
Capital stock 300,000
APIC 45,000
Retained earnings 397,500 workback
742,500 SOLUTION: (945,000 - 202,500)
TOTAL LIABS & E 945,000 SHOULD BE SAME WITH TOTAL ASSETS
F. IMPRESS COMPANY - COGS, CGM, GIP,END
SALES 100% 3,000,000 given

COGS 70% 2,100,000 workback; or solve for the 70% 5 pts
GROSS PROFIT 30% 900,000 solve for the 30%
RM, beg 300,000 given

+ Net Purchases 1,100,000
RMAFU 1,400,000
-RM, end (600,000) given
RMU 800,000
+DL 800,000 given
+MOH 400,000 50% of DL
TMC 2,000,000
+GPIP, beg 1,000,000 given
TCGPIP 3,000,000
-CGPIP, end (1,300,000) workback 5 pts
CGM 1,700,000 workback 5 pts
+FG, beg 1,400,000 given
GAFS 3,100,000 workback
-FG, end (1,000,000) given
CGS 2,100,000 as solved above
TRUE OR FALSE
1. FALSE 2 pts
2. TRUE 2 pts
3. FALSE 2 pts
4. FALSE 2 pts
5. TRUE 2 pts
A. KALOB COMPANY'S General and Administrative expenses
Telephone expense 90,000

Legal fees 80,000
Officers' salaries 110,000
Total G&A 280,000 5 pts
B. VOYAGER'S Selling expenses
Advertising 300,000
Freight out 160,000
Rent - half -
Sales salaries & commissions 280,000
Total Selling expenses 740,000 5 pts
C. DIVINE COMPANY'S OCI
Unrealized gain on equity investment - FVOCI 1,000,000

Unrealized loss on debt investment - FVOCI (1,200,000)
Unrealized gain on futures contract designated
as a cash flow hedge 400,000
Translation gain on foreign operation 200,000
Net "remeasurement" gain on defined benefit plan 600,000
Loss on credit risk of a financial liability at FVPL (300,000)
Revaluation surplus during the year 2,500,000
Other comprehensive income 3,200,000 5 pts
D. EAGLE CO - Current liabilities
Current liabilities, unadj 180,000

Add:
Accounts payable 30,000
Bonds payable, due 2018 50,000
Less: Discount on bonds payable, due 2018 (6,000)
Dividends payable on Jan. 31, 2018 16,000
Current liabilities, adj 270,000 5 pts
E. RAINBOW CO. - NET INCOME
ASSETS RE, beg. -

Cash 142,500 Net income 478,000 workback
Accounts receivable (30,000) Less: Div (80,500)
Inventory 202,500 RE, end 397,500
Building & Eqpt 630,000
TOTAL ASSETS 945,000
LIABILITIES
Accounts payable (172,500)
Bonds payable 375,000
202,500
EQUITY
Capital stock 300,000
APIC 45,000
Retained earnings 397,500 workback
742,500 SOLUTION: (945,000 - 202,500)
TOTAL LIABS & E 945,000 SHOULD BE SAME WITH TOTAL ASSETS
F. IMPRESS COMPANY - COGS, CGM, GIP,END
SALES 100% 3,000,000 given

COGS 60% 1,800,000 workback; or solve for the 70% 5 pts
GROSS PROFIT 40% 1,200,000 solve for the 30%
RM, beg 300,000 given

+ Net Purchases 1,100,000
RMAFU 1,400,000
-RM, end (600,000) given
RMU 800,000
+DL 800,000 given
+MOH 400,000 50% of DL
TMC 2,000,000
+GPIP, beg 1,000,000 given
TCGPIP 3,000,000
-CGPIP, end (1,600,000) workback 5 pts
CGM 1,400,000 workback 5 pts
+FG, beg 1,400,000 given
GAFS 2,800,000 workback
-FG, end (1,000,000) given
CGS 1,800,000 as solved above

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9:00 AM 10:30 AM 1:30 PM 3:00 PM

ACB ACD ACA ACC

A. KALOB COMPANY'S General and Administrative expenses

Telephone expense 95,000

B. VOYAGER'S Selling expenses

C. DIVINE COMPANY'S OCI

Unrealized gain on equity investment - FVOCI 1,000,000

D. EAGLE CO - Current liabilities

Current liabilities, unadj 200,000

ASSETS RE, beg. -

TOTAL LIABS & E 945,000 SHOULD BE SAME WITH TOTAL ASSETS

F. IMPRESS COMPANY - COGS, CGM, GIP,END

SALES 100% 3,000,000 given

RM, beg 300,000 given

A. KALOB COMPANY'S General and Administrative expenses

Telephone expense 90,000

B. VOYAGER'S Selling expenses

C. DIVINE COMPANY'S OCI

Unrealized gain on equity investment - FVOCI 1,000,000

D. EAGLE CO - Current liabilities

Current liabilities, unadj 180,000

ASSETS RE, beg. -

TOTAL LIABS & E 945,000 SHOULD BE SAME WITH TOTAL ASSETS

F. IMPRESS COMPANY - COGS, CGM, GIP,END

SALES 100% 3,000,000 given

RM, beg 300,000 given

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