partnership and corporation solman 2011 chapter 1
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CHAPTER 1
Review of the Accounting Process
E 1-1
1. a. Unearned Rent 90,000
Rent Revenue 90,000
P270,000 x 6/18 = P90,000
No reversing entr
!. "nsuran#e Ex$ense 11,2%0
Pre$aid "nsuran#e 11,2%0
P90,000 x &/2' = P11,2%0
No reversing entr
2. a. Rent Revenue 180,000
Unearned Rent 180,000
P270,000 x 12/18 = P180,000
Unearned Rent 180,000
Rent Revenue 180,000
!. Pre$aid "nsuran#e 78,7%0
"nsuran#e Ex$ense 78,7%0
P90,000 x 21/2' = P78,7%0
"nsuran#e Ex$ense 78,7%0
Pre$aid "nsuran#e 78,7%0
E 1-21. a. "nterest Ex$ense 100,000
"nterest Paa!(e 100,000
P2,000,000 x 6) x 10/12 = P100,000
!. Pre$aid "nsuran#e 60,000
"nsuran#e Ex$ense 60,000
P72,000 x &0/&6 = P60,000
#. Pre$aid Rent 2'0,000
Rent Ex$ense 2'0,000
P&60,000 x 8/12 = P2'0,000
d. Un#o((e#ti!(e *##ounts Ex$ense 6,000
*((o+an#e or Un#o((e#ti!(e *##ounts 6,000
e. a(ar Ex$ense 60,000
a(aries Paa!(e 60,000
P1%0,000 x 2/% = P60,000
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Chapter 2 – Suggested Answers (APC-2011) page 2
. e$re#iation Ex$ense i#e Eui$ent 11',000
*##uu(ated e$re#iation i#e Eui$ent 11',000
P'80,000 ÷ % =P96,000 3
P120,000 ÷ % x 9/12 = P18,000
g. u$$(ies on 4and &,%00
u$$(ies Ex$ense &,%00
5. Renta( Revenue '0,000Unearned Rent '0,000
P60,000 x '/6 P'0,000
i. "n#oe uar 100,000
er#5andise "nventor 100,000
er#5andise "nventor 120,000
"n#oe uar 120,000
2. a, !, #, e, g 5
E 1-&
1. a. "n#oe uar %0,000
"nventor, !eg. %0,000
"nventor, end 1'0,000
"n#oe uar 1'0,000
!. "nventor, end 1'0,000
Pur#5ases Returns 20,000
ost o oods o(d 2,000,000
Pur#5ases 2,100,000:reig5t-in 10,000
"nventor, !eg. %0,000
2. *$$roa#5 2
a. a(es %,000,000
"nterest Revenue 2%,000
"n#oe uar %,02%,000
!. "n#oe uar 2,980,000
ost o oods o(d 2,000,000
*dinistrative Ex$ense %00,000
a(es Returns %,000a(es is#ounts 10,000
e((ing Ex$enses '%0,000
"nterest Ex$ense 1%,000
#. "n#oe uar 2,0'%,000
astro, a$ita( 2,0'%0,000
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Chapter 2 – Suggested Answers (APC-2011) page 3
d. astro, a$ita( %00,000
astro, ra+ing %00,000
E 1-'
1. *((o+an#e or Un#o((e#ti!(e *##ounts2. Rent Ex$ense
&. i#e u$$(ies Ex$ense'. a(aries Paa!(e
%. Pre$aid "nsuran#e
6. "nterest Revenue
7. "nterest Paa!(e
8. Unearned Rent
9. *##uu(ated e$re#iation
10. "n#oe uar
E 1-%
1. * 6. ; or 11. ; 16. ;
2. * 7. * 12. * 17. *&. * 8. 1&. * 18.
'. * 9. * 1'. * 19. ;
%. ; 10. ; 1%. 20. ;
P 1-1
1. a. Pre$aid "nsuran#e 66,000
"nsuran#e Ex$ense 66,000 P72,000 x &&/&6 = P66,000
"nsuran#e Ex$ense 66,000
Pre$aid "nsuran#e 66,000
! Unearned Rent &0,000
Rent Revenue &0,000
P1&%,000 x 2/9
no reversing entr
#. u$$(ies Ex$ense 9,000
u$$(ies 9,000
P12,000 P&,000 = P9,000
no reversing entr
d. e$re#iation Ex$ense 11,2%0*##uu(ated e$re#iation 11,2%0
P1%0,000/10 x 9/12< = P11,2%0
no reversing entr
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Chapter 2 – Suggested Answers (APC-2011) page 4
e. Un#o((e#ti!(e *##ounts Ex$ense 7,%00
*((o+an#e or Un#o((e#ti!(e *##ounts 7,%00
no reversing entr
. "nterest Re#eiva!(e %00"nterest Revenue %00
P%0,000 x 12) x &0/&60 = P%00
"nterest Revenue %00
"nterest Re#eiva!(e %00
g. a(ar Ex$ense 1%,000
a(aries Paa!(e 1%,000
a(aries Paa!(e 1%,000
a(ar Ex$ense 1%,000
5. er#5andise "nventor 120,000
"n#oe uar 120,000
P 1-2a. "n#oe uar '0,000
er#5andise "nventor '0,000
!. er#5andise "nventor %0,000
"n#oe uar %0,000
#. a(es 1,900,000
Pur#5ase Returns *((o+an#e &0,000"n#oe uar 1,9&0,000
d. "n#oe uar 1,&'&,000
a(es Returns and *((o+an#e %0,000
Pur#5ases 1,000,000
:reig5t-in '0,000
u$$(ies Ex$ense 6,000
"nsuran#e Ex$ense 9,000
a(ar Ex$ense 180,000
e$re#iation Ex$ense 8,000i#e Ex$ense %0,000
e. "n#oe uar %97,000
(son, a$ita( %97,000
. (son, a$ita( 60,000
(son, ra+ing 60,000
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Chapter 2 – Suggested Answers (APC-2011) page 5
P 1-&
Adjusting Income Statement Statement of Financial Position
Entr Revenue E!"enses #et Income Assets $ia%ilities Ca"ital
a. NE 3 - NE 3 -
!. 3 NE 3 3 NE 3#. NE 3 - - NE -
d. NE 3 - - NE -
e. NE 3 - - NE -
. 3 NE 3 NE - 3
g. NE 3 - NE 3 -
P 1-'
1. a. oissions Re#eiva!(e 7,200
oissions "n#oe 7,200
!. Rent Ex$ense &6,000
Pre$aid Rent &6,000
#. i#e u$$(ies Ex$ense 6,600
i#e u$$(ies 6,600
d. e$re#iation Ex$ense
*##uu(ated e$re#iation 2,'00
2,'00
e. a(aries Ex$ense ',800
a(aries Paa!(e ',800
. Unearned oissions 8,000
oissions "n#oe 8,000
g. "nterest Ex$ense 1,200
"nterest Paa!(e 1,200
2. a. "n#oe uar 111,000
a(aries Ex$ense 6',800
Rent Ex$ense &6,000
i#e u$$(ies Ex$ense 6,600
e$re#iation Ex$ense i#e Eui$ent 2,'00
"nterest Ex$ense 1,200
!. oissions "n#oe 17%,200"n#oe uar 17%,200
#. "n#oe uar 6',200
a(de>, a$ita( 6',200
d. a(de>, a$ita( &2,000
a(de>, ra+ing &2,000
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Chapter 2 – Suggested Answers (APC-2011) page 6
&. Net "n#oe = P6',200
P 1-%
1. "nsuran#e Ex$ense &0,000
Pre$aid "nsuran#e &0,000
2. e$re#iation Ex$ense i#e Eui$ent 7%,000
e$re#iation Ex$ense *utoo!i(e 260,000*##uu(ated e$re#iation i#e Eui$ent 7%,000
*##uu(ated e$re#iation - *utoo!i(e 260,000
&. Unearned anageent :ees 80,000
anageent :ees Earned 80,000
P120,000 x '/6 = P80,000
'. Pre$aid *dvertising '0,000
*dvertising Ex$ense '0,000
P100,000 x 2/% = P'0,000
&ulti"le Choice1. '. 7. 10. ; 1&. ;
2. %. ; 8. ; 11. * 1'. *
&. 6. 9. 12. ; 1%. *
? 11. ? 6. ? 11. : 16. : 21. ?
2. : 7. : 12. : 17. ? 22. ?
&. ? 8. : 1&. : 18. : 2&. ?
'. : 9. ? 1'. : 19. : 2'. :
%. : 10. ? 1%. ? 20. ? 2%. ?
? 2
1. 6. ; 11. ; 16. ;2. 7. 12. * 17.
&. 8. 1&. 18.
'. ; 9. ; 1'. 19. ;
%. * 10. * 1%. 20.
? &1. ; 6. 11. * 16. * 21. ;
2. 7. 12. 17. 22.
&. 8. 1&. * 18. * 2&. *
'. 9. * 1'. 19. 2'.
%. ; 10. 1%. 20. 2%. ;
? '1. '. 7. * 10. 1&. *
2. %. ; 8. 11. * 1'. *
&. E 6. * 9. 12. E 1%. *
? %1. 6. : 11. P 16. @
2. ; 7. E 12. ? 17.
&. 4 8. * 1&. 18. A
'. N 9. " 1'. 19.
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Chapter 2 – Suggested Answers (APC-2011) page 7
%. B 10. C 1%. D 20.