Top PDF Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 3

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 3

Santos capital ..................................................... 3,988 Reyes capital ...................................................... 13,560 Cruz capital ........................................................ 9,040 To record goodwill implied of Cruz's interest. In effect, the profit Sharing ratio is 15% to Santos, 51% to Reyes (60% of 85% remaining after Santos's income), and 34% to Cruz (40% of the 85% remaining after Santos' income). Diaz is paying P46,000, P9,040 in excess of Cruz's capital (P36,960). The additional payment for this 34% income Interest indicates total goodwill of P26,588 (P9,040/34%).
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Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 2

b. Average capital of Castro [(P26,000 + P32,000)  2] ........................... P29,000 Average of Diaz [(P16,500 + P18,500)  2]....... .................................. _18,000 Castro's excess ..................................................... .................................. P11,000 Multiply by .......................................................... .................................. ___10% Interest ................................................................. .................................. P 1,100

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 4

- Capital Balances - Noncash G K G B Cash Assets Liabilities Loan 20% 40% 40% - Preliquidation balances 50,000 950,000 (480,000) (60,000) (240,000) (100,000) (120,000) Sale of assets
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Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 5

partnership is P485,000 + P175,000 = P660,000. A one-sixth interest in the partnership is P660,000 x 1/6 = P110,000. Using the bonus method, we compute a bonus of P175,000 – P110,000 = P65,000. Using the 2:3 profit sharing ratio, the amount allocated to Jenny is P26,000 (2/5 x P65,000) and the amount allocated to Kenny is P39,000 (3/5 x P65,000).

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 6

Land 950,000 Reduced mortgage and paid interest.[r]

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 7

Sale of land and buildings ............................. ...... 180,000 _234,000 Total ..................... ................................................. ................... 242,000 Less: Cash disbursements ...................................... ................... ____ – 0 – Cash balance, March 31, 2008 ............................... ................... P242,000

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 1

Toledo, capital (P68,400 – P300) ................................................. P 68,100 Divide by Toledo's profit share percentage .................................. ____50% Total agreed capital of the partnership ......................................... P136,200 Multiply by Ureta's profit share percentage ................................. ____50% Agreed capital of Ureta ................................................................ P 68,100 Ureta, capital ................................................................................ __64,700 Cash contribution of Ureta ........................................................... P 3,400
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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 02

Salaries ................................................................. P 30,000 – P 30,000 Commission (2% x P1,000,000) .......................... P 20,000 20,000 Interest of 8% on average capital ......................... 32,800 31,200 64,000 Bonus (see computations below) ......................... 9,818 9,818 19,636 Balance, equally ................................................... __44,182 __44,182 __88,364 Total ..................................................................... P116,800 P105,200 P222,000 Bonus Computations:

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 05

Based on the above cash priority program, the P2,000 is only a partial payment to Bello who is entitled to a maximum of P2,400 under Priority I. Only after satisfying Priority I, Cruz will receive payment and only after P7,900 has been distributed to Bello and Cruz will Arce receive payment. Therefore no payments are made to Arce and Cruz.

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 08

Note payable ...... .............................................................................................. 5,000 Common stock, P8 par value ............................................................................. 8,000 Additional paid in capital (P6.66 per share) ...................................................... 6,666 Gain on debt discharge ...................................................................................... 60,334 To record settlement of accounts payable.
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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 14

Shares issued by Papa Corporation: Par value of stock following acquisition P190,000 Par value of stock before acquisition 120,000 Increase in par value of shares outstanding P 70,000[r]

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 19

Speculation: The speculation is accounted for at the forward rate throughout the life of the contract. Therefore, the forward contract receivable is adjusted to P 134,000 (the rate for 60-day futures at December 31 and the P4,000 gain is

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 15

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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 20

Investment in Subsidiary account, Jan. 1, 2005 P1,600,000 Share in subsidiary net income [(800,000 yen x 70%) x P.57] 319,200 Translation adjustment (P25,000 x 70%) 17,500 Share of subsidiary dividends [(50,000 yen x 70%) x P.59] ( 20,650) Investment in Subsidiary account, December 31, 2005 P1,916,050

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 01

Toledo, capital (P68,400 – P300) ................................................. P 68,100 Divide by Toledo's profit share percentage .................................. ____50% Total agreed capital of the partnership ......................................... P136,200 Multiply by Ureta's profit share percentage ................................. ____50% Agreed capital of Ureta ................................................................ P 68,100 Ureta, capital ................................................................................ __64,700 Cash contribution of Ureta ........................................................... P 3,400
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Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 8

Note payable .... ..................................................................................... 50,000 Common stock, P8 par value ................................................................. 80,000 Additional paid in capital (P6.66 per share) .......................................... 66,667 Gain on debt discharge .......................................................................... 3,333 To record settlement of note payable due in 2007

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 12

31 6,000 Adjusted balance P 84,200 Home Office account Branch Books Unadjusted balance P93,000 Error in recording salary allocation, April 5 200 Error in recording inventory transf[r]

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 22

Unrestricted Fund Ledger Account: 1 Undesignated fund balance 50,000 Cash 50,000 To record acquisitions of computers to be carried in Plant Fund.. 3 Receivable from quasi-endowment f[r]

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 21

Problem 21-4 Agency VV Statement of Income and Expenses Year Ended December 31, 2008 Income: Subsidy income from national government P1,700 Less: Reversion of unused NCA 800 P90[r]

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 19

Speculation: The speculation is accounted for at the forward rate throughout the life of the contract. Therefore, the forward contract receivable is adjusted to P 134,000 (the rate for 60-day futures at December 31 and the P4,000 gain is