Accounting Answers

A. Identify the word/s described in each statement.

1. The most liquid form of asset which is vulnerable to fraudulent activities.
2. The type of account which intends to provide account holders an incentive to save money.
3. The document used by the bank account holder in depositing cash/check in the bank.
4. This account is maintained by a passbook.
5. This accounts earns no interest where transactions are maintained by a check.

A. Identify the word/s described in each statement.

1. The most liquid form of asset which is vulnerable to fraudulent activities.
2. The type of account which intends to provide account holders an incentive to save money.
3. The document used by the bank account holder in depositing cash/check in the bank.
4. This account is maintained by a passbook.
5. This accounts earns no interest where transactions are maintained by a check.
6. Unique identifier given to by the bank for every account opened or maintained.
7. It is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name it has been issued.
8. It is a bank document/form that is reqyired whenever a depositor withdraws from his/her checking account.
9. A check issued by a corporation.
10. An acceptable form of payment other than hard cash.

A. Fill out the bank forms with the following transactions:

1. Issue a check payable to Yna Lim on December 15, 2021 in the amount of 43,267.95 to be signed by Rose Vasquez and Greg Roxas, company's treasurer and president respectively.

2. Deposited cash collection from customers on October 12, 2021. Account No. 15950478586.

3. Prepare a withdrawal slip from bank account no. 15950478490 for the amount 35,600 to be used for payment of salaries for October 15, 2021.

Mark and Sam formed a management consulting partnership on January 1, 2009. The fair value of the net assets invested by each partner follows:

                                          Mark            Sam

Cash                            $10,000     $20,000

Accounts receivable      10,000         5,000

Office equipment           40,000               -

Land                                -             50,000

Accounts payable        15,000         12,000

During the year, Mark withdrew $10,000 and Sam withdrew $16,000. Net profit for 2009 was $30,000, which is to be allocated based on the original net capital investment.

Requirement:                                                                           

1-   Prepare the appropriate journal entries to record the initial investment and drawings in the partnership for both partners.

2-   Prepare closing entries.

3-   Calculate the ending balance for capital for both partners.

The chief statistician of Aloha Company developed the following regression analysis:

Y = P49,272 + P1.78L + P2.68M

Where:

Y = total monthly manufacturing overhead cost

L = labor hours

M = machine hours

The measure of goodness of fit are good and no evidence of multicollinearity exists. Aloha Company will use 12,000 labor hours and 2,000 machine hours next month.

1.     Determine the total manufacturing overhead cost that Aloha Company should incur next month. 

2.     Aloha Company makes a product that has P6 in materials cost. It requires two hours of labor time and 30 minutes of machine time. Laborers earn P10 per hour. What is the product’s per unit variable manufacturing cost?

3.     Suppose that Aloha Company could reduce the labor time for the product described in requirement 2 by 30 minutes, to 1.50 hours. Machine time will remain the same. By how much would the per unit variable manufacturing cost fall?

Dec 31At December 31, 2019, P230,000 of the salaries have accrued. Assuming that payday is onJanuary 4, 2020 and P620,000 in salaries were paid on that date.

Required:

1.Assume that the transacons were inially recorded in the balance sheet accounts, record theadjusng entries. Also, record the January 4, 2020payment of salaries.

2.Now, assume that these transacons were inially recorded in income statement accounts,record the adjusng entries. Also, record the January 1, 2020 reversing entry and January 4,2020 payment of salaries.

SunnyDay Sdn.Bhd. Is a company that sells scarves. Each of its scarves has its own sewn logo. The cost of each logo is ￥27. Darryl, the company's operations manager, received $20 per logo from an outside carrier. SunnyDay Sdn. bhd. Produces 100,000 logos for scarves every month. Its last cost accounting statement is: Direct Material =$550,000, Direct cost=$800,000, Variable overhead=$350,000, Fixed cost=$1,000,000, The Total cost = $2700000.

Give five qualitative factors that Darryl must consider before making a decision. Please give an explanation and appropriate examples to illustrate your factors.

The following data refers to the price of a good ‘P’ and the quantity of the good supplied,

‘S’.

P 2 7 5 1 4 8 2 8

S 15 41 32 9 28 43 17 40

a. Estimate the linear regression line (S)   P

b. Estimate the standard errors of ˆ and ˆ

c. Test the hypothesis that price influences supply

d. Obtain a 95% confidence interval for 

Santos delivery services was organized on January 1, 2018. At the end of the first quarter of operations, Santos prepare a summary of his transaction as shown below

A. Fill out the bank forms with the following transactions:

1. Issue a check payable to Yna Lim on December 15, 2021 in the amount of 43,267.95 to be signed by Rose Vasquez and Greg Roxas, company's treasurer and president respectively.

2. Deposited cash collection from customers on October 12, 2021. Account No. 15950478586

3. Prepare a withdrawal slip from bank account no. 15950478490 for the amount P35,600 to be used for payment of salaries for October 15, 2021.

(Take note: 50 pcs. of 20 pesos; 100 pcs. of 50 pesos; 150 pcs. of 1000 pesos; 80 pcs. of 100 pesos; 75 pcs. of 500 pesos; 30 pcs. of 10 pesos; 50 pcs. of 5 pesos; 250 pcs. of 1 peso)