Transcribed Image Text: On April 30, 2020, a fire damaged the office of Waterloo
1. What is the total amount of sales up to April 30?
Problem 13-15 (AICPA Adapted)
& 4,200,000
b. 4,220,000
c. 4,140,000
d. 4,160,000
What is the total amount of purchases up to April 30?
Company.
on March 31, 2020:
Accounts receivable
Inventory January1
Accounts payable
Sales
Purchases
920,000
1,880,000
950,000
3,600,000
1,680,000
An examination of the April bank statement and canceled
checks revealed checks written during the period April 1-3
a. 1,760,000
b. 2,100,000
c. 2,020,000
d. 1,680,000
Accounts payable as of March 31
April merchandise shipments
Expenses
240,000
80,000
160,000
3 What is the inventory on April 30?
Deposits during the same period amounted to P440,000
which consisted of collections from customers with the
exception of P20,000 refund from a vendor for merchåndise
returned in April.
a. 1,476,000
b. 1,464,000
1,440,000
d. 1,428,000
( What is the fire loss to be recognized on April 30?
Customers acknowledged indebtedness of P1,040,000 at
April 30. Customers owed another P60,000 that will never
be recovered.
a. 1,440,000
b. 1,300,000
c. 1,340,000
d. 1,200,000
Of the acknowledged indebtedness, P40,000 may prove
uncollectible.
Correspondence with suppliers revealed unrecorded
obligations at April 30 of P340,000 for April merchandise
shipment, including P100,000 for shipments in transit on
that date.
The average gross profit rate is 40%.
* Inventory with a cóst of P260,000 was salvaged and sold
for P140,000.
The balance of the inventory was a total loss.
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