WITH COMPUTATION

Question 1

31. _ DINI Company have current assets of ₱ 70,000; noncurrent assets of ₱ 60,000; current liabilities of ₱ 40,000; and a long-term loan of ₱ 50,000; as such the owner’s equity will be:

A. ₱ 40,000
B. ₱ 50,000
C. ₱ 60,000
D. ₱ 70,000

Answer 1

A. 40,000

Question 2

32. _ On December 31, 2022, LOUD SANCTUARY, a musical instrument trader, has a Cash on hand amounting to ₱ 250,000; Accounts receivable of ₱ 240,000; Inventory of ₱ 150,000;Prepaid Rent of ₱ 40,000; and Allowance for Doubtful accounts worth ₱ 20,000. How much is the total current assets of LOUD SANCTUARY as of 2022?

A. ₱ 630,000
B. ₱ 580,000
C. ₱ 640,000
D. ₱ 660,000

Answer 2

D. 660,000