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Name:____________________________ Score:__________________________

Block/Course/Year:_________________ Date:___________________________

Solve each problem and encircle the letter of your final answer. If there is no answer or the answer
cannot be determined, simply write and encircle “answer cannot be computed”.

1. Lester Ramos Company has an operating income of P 195,632 for the year ended Dec. 31, 2017.
The following information are given:
Prepaid Income, January 1, 2017 25,698
Accrued Income, January 1, 2017 54,889
Prepaid Income, Dec. 31, 2017 74,555
Accrued Income, Dec. 31, 2017 34,983
How much is the operating cash flows provided by the company’s operating activities?

2. The following information are given:

Operating Income 125,000
Notes Payable, 12% 1,000,000
Bonds Payable, 18% 5,000,000
Sales 555,000
Inventory Turnover 2 times
Both the notes and the bonds are outstanding for the entire year. How many times did the
company earn the interests?

3. The following information are given regarding the X Corp.:

Fixed asset Turnover 3
Current ratio 4
Quick Ratio 3.2
Total Debt to Equity Ratio 1.6
Taxes 13% of net income
Interest 4% of operating profit
Operating Profit Margin 55% of sales
Net Profit 62,500
Other Operating Expenses 25,000
At the end of the year, the liability of the corporation is composed of only 2 items: a Note Payable
amounting 75,184 and a non-current Bond Payable. 1/3 of the total liability is composed of the
Note Payable. The rest of the assets is composed of an intangible asset.
Using the information given, determine the:
a) Sales
b) Total assets
c) Operating profit
d) Earnings before income taxes
e) Interest
f) Value of the intangible asset
g) Equity
h) Inventory Turnover

4. The company earned the ff. net income from 2012 to 2014:
2012 25,000
2013 32,000
2014 61,000
The company pays the bonus at the end of the year. Suppose that the company computes bonus
after taxes (30%) but before bonus, how much bonus is presented in the statement of financial
position in the year:
a. 2012
b. 2013
c. 2014

5. Segismundo Inc. has the following cash discharge that it reported in its statement of cash flows:
Operating activities 57,129
Investing activities 122,569
Financing activities 74,228
How much is the increase/(decrease) in the cash of the corporation?

6. The company has the following transactions during the year:

January 5 Purchase 5 pesos per unit 10,000 units 50,000
February 17 Purchase 7 pesos/unit 50,000 350,000
March 31 Sale 9 pesos/unit 5,000 45,000
May 8 Purchase 12 pesos per unit 20,000 240,000
June 4 Sale 11 pesos per unit 30,000 330,000
October 7 Sale 13 pesos per unit 15,000 195,000
November 3 Purchase 8 pesos/unit 10,000 80,000
December 29 Sale 14 pesos/ unit 30,000 420,000

If the company just opened at the beginning of the year, determine the
a) Inventory turnover if FIFO inventory method is being used
b) Inventory turnover if Weighted average inventory method is being used