In connection with the audit of the EMPLEO COMPANY for the year ended December 31,
2017 you are called upon to verify the accounts payable transactions. You find that the
company does not make use of a voucher register but enters all merchandise purchases in a
Purchases Journal, from which posting are made to a subsidiary accounts payable ledger.
The subsidiary ledger balance of P1,500,000 as of December 31, 2017 agrees with the
accounts payable balance in the company’s general ledger. An analysis of the account
disclosed the following:
Trade creditors, credit balances
P 1,363,000
Trade creditors, debit balances
63,000
Net
P 1,300,000
Estimated warranty on products sold
100,000
Customer’s deposits
9,000
Due to officers and shareholders for advances
50,000
Goods received on consignment at selling price
(offsetting debit made to Purchases)
41,000
P 1,500,000
A further analysis of the “Trade Creditors” debit balances indicates:
Date
03/03/17
06/10/16
Items
Miscellaneous debit balances prior to 2016.
No information available due to loss
of records in a fire.
Amount
P 3,000
Manila Co. –Merchandise returned for credit,
but the company is now out of business
8,000
07/10/17
Cebu Corp. – Merchandise returned but Cebu
says “never received”
7,000
Jolo Distributors – Allowance granted on
defective merchandise after the invoice
was paid
5,000
10/10/16
Bulacan Co – Overpayment of invoice
12/05/17
Advance to Zambales Co. This company agrees
to supply certain articles on a cost –plus basis
12/05/17
12,000
24,000
Goods returned for credit and adjustments on
price after the invoices were paid; credit memos
from supplier not yet received
4,000
63,000
Your next step is to check the invoices in both the paid and the unpaid invoice files against
ledger accounts. In this connection, you discover an invoice from Atlas Co. of P45,000 dated
December 12, 2017 marked “Duplicate”, which was entered in the Purchase Journal in
January 2016. Upon inquiry, you discover that the merchandise covered by this invoice was
received and sold, but the original invoice apparently has not been received.
In the bank reconciliation working papers, there is a notation that five checks totaling P
63,000 were prepared and entered in the Cash Disbursements Journal of December, but
these checks were not issued until January 10, 2016.
The inventory analysis summary discloses good in transit of P 6,000 at December 31, 2017,
not taken up by the company under audit during the year 2017. These goods are included in
your adjusted inventory.
1. The Accounts payable – Trade balance at December 31, 2017 should be
A. P 1,471,000
C. P 1,214,000
B. P 1,614,000
D. P 1,477,000
2. The net adjustment to Purchases should include a
A. Net debit of P 51,000
B. Net credit of P 41,000
C. Net debit of P 10,000
D. Net debit of P 73,000
3. The entry to adjust the Accounts payable account for those accounts with debit balances
should include a debit to
A. P 18,000
C. P 35,000
B. P 23,000
D. P 39,000
4. The entry to adjust the Accounts payable account for those accounts with debit balances
should include a debit to
A. Miscellaneous losses if P 23,000
B. Advances to suppliers of P 24,000
C. Suppliers to debit balances of P 18,000
D. Purchases of P 21,000
Cash
You are conducting an audit of the MART CORPORATION for the year ended December 31,
2016. The internal control procedures surrounding cash transactions were not
adequate. Jane Quipit, the bookkeeper-cashier handles cash receipts, maintains
accounting records and prepares the monthly reconciliations of the bank account. She
prepared the following reconciliation at the end of the year:
Balance per bank statement
P
315,000
Add :
Deposit in transit
P
157,725
Note collected by bank
13,500
171,225
Balance
P 486,225
Less :
Outstanding checks
222,075
Balance per general ledger
P
264,150
In the process of your audit, you gathered the following:
a.
At December 31, 2016, the bank statement and the general ledger showed
balances of P315,000 and P264,150 respectively.
b.
The cut off bank statement showed a bank charge on January 02, 2017 for
P35,250 representing a correction of an erroneous bank credit.
c.
Included in the list of outstanding checks were the following:
1. A check payable to a supplier, dated December 29, 2016, in the
amount of P13,275, released on January 05, 2017.
2. A check representing advance payment to a supplier in the amount of
P33,489, the date of which is January 04, 2017, and released in
December 2016.
d..On December 31, 2016, the company received and recorded
customer’s postdated check amounting to P45,000.
4.
Compute the adjusted deposit in transit as of December 31, 2016.
a.P157,725
b.P112,725
c.P202,725
d.P112,500
5.
Compute the adjusted outstanding checks as of December 31, 2016.
a.P222,075
b.P235,350
c.P255,564
d.P175,311
6.
Compute the adjusted cash to be presented in the balance sheet as at Dec. 31, 2016.
a.P211,914
b.P225,414
c.P238,914
d.P279,414
Receivable
The balance sheet for the Dixie Corporation on December 31, 2016 includes the following
receivables balances:
Notes Receivable
Less notes discounted
Accounts Receivable
Less allowance for doubtful accounts
P365,000
155,000
P856,000
41,500
P210,000
814,500
Selected ransactions during 2017 included the following:
a.
Notes received in settlement of accounts totaled P825,000.
b.
Notes receivable discounted as of December 31, 2016, were paid at maturity
with the exception of one P30,000 note on which the company had to pay the
bank P30,900, which included interest and protest fees. It is expected that
recovery will be made on this note early 2017.
c.
Customers’ notes of P600,000 were discounted with recourse during the year,
proceeds from their transfer being P585,000. Of this total, P480,000 matured
during the year without notice of protest.
h.
Notes receivable collected during the year totaled P270,000 and interest
collected was P24,500.
Determine the adjusted balances of the following accounts as of December 31, 2017:
8.
Notes Receivable (including notes receivable discounted).
a. P320,000
b. P365,000
c. P165,000
d. P285,000
9.
Notes Receivable Discounted
a. P155,000
b. P600,000
c. P120,000
d. P105,000
Equity
Some of the information you gathered in the audit of the financial statement of CYNDY
CORP. are:
1.
The president is to receive a bonus consisting of a basic amount equivalent to
5% of the company’s net income before deduction of bonus but after deduction
of corporate income tax.
2.
In addition, the basic bonus will be increased by the company’s tax savings
because the total amount of bonus is deductible in computing the company’s
taxable income. The tax savings is the difference between the income tax the
company would have paid if there were no bonus and the taxes the company
must pay after deducting the bonus.
3.
2.
CYNDY CORPORATION reported a net income of P280,000 in 2016 before
deduction of the president’s bonus and the corporate income tax.
4.
The company is subject to a corporate income tax of 35% of its net income after
deducting the president’s bonus.
Compute for the total amount of bonus the president should receive in 2016:
a. P 9,100
b. P 9,352
c. P14,387
d. P14,136
3.
Compute for the net profit for 2016 after deducting the president’s bonus and the
corporate income tax.
a. P 172,649
b. P 170,886
c. P 170,798
d. P 172,900
PPE
In the audit of the books of Green Company for the year 2017, the following items and
information appeared in the Production Machines account of the auditee:
Date
2017
Jan.
Aug
Sept
Dec
Dec
Particulars
Debit
01Balance–Machines 1, 2, 3, and 4 at P90,000 each
31Machine 5
Machine 1
30Machine 6
01Machines 7 and 8 at P216,000 each
01Machine 2
31Balance
Credit
P 360,000
198,000
P 3,000
96,000
432,000
21,000
. 1,062,000
P1,086,000 P1,086,000
The Accumulated Depreciation account contained no entries for the year 2017. The balance
on January 1, 2017 per your audit, was as follows:
Machine 1
Machine 2
Machine 3
Machine 4
Total
P 84,375
39,375
33,750
22,500
P 180,000
Based on your further inquiry and verification, you noted the following:
1.Machine 5 was purchased for cash; it replaced Machine 1, which was sold on this date for
P3,000.
2.Machine 2 was destroyed by the thickness of engine oil used leading to explosion on December
1, 2017. Insurance of P21,000 was recovered. Machine 7 was to replace
Machine 2.
3.Machine 3 was traded in for Machine 6 at an allowance of P12,000; the difference was paid in
cash and charged to Production Machine account.
4.Depreciation rate is recognized at 25% per annum.
REQUIRED:
Determine the adjusted balance of the Production Machine as of December 31, 2017 and
Depreciation Expense for the year 2017.
Green Company
Adjusted bal.
Machine 1 - sold 8/31
Machine 2 - destroyed 12/1
Machine 3 - traded in 9/30
Machine 4
Machine 5
Machine 6
Machine 7
Machine 8
Total
Orig. cost
-
90,000
198,000
108,000
216,000
216,000
828,000
Months
Depreciation
90,000
remaining
90,000
11
90,000
9
90,000
12
198,000
4
108,000
3
216,000
1
216,000
1
5,625
20,625
16,875
22,500
16,500
6,750
4,500
4,500
97,875
You obtain the following information pertaining to Red Co.’s property, plant, and equipment
for 2017 in connection with your audit of the company’s financial statements.
Audited balances at December 31, 2016:
Land
Buildings
Accumulated depreciation – buildings
Machinery and equipment
Accumulated depreciation –
Machinery and Equipment
Delivery Equipment
Accumulated Depreciation –
Delivery Equipment
Debit
P 3,750,000
30,000,000
Credit
P 6,577,500
22,500,000
6,250,000
2,875,000
2,115,000
Depreciation Data:
Buildings
Machinery and Equipment
Delivery Equipment
Leasehold Improvements
Depreciation Method
150% declining – balance
Straight-line
Sum-of-the-years’-digits
Straight-line
Useful Life
25 years
10 years
4 years
-
Transaction during 2017 and other information are as follows:
a.On January 2, 2017, Red purchased a new truck for P500,000 cash and traded-in a
2-year-old truck with a cost of P450,000 and a book value of P135,000. The new truck has a
cash price of P600,000; the market value of the old truck is not known.
b.On April 1, 2017, a machine purchased for P575,000 on April 1, 2000 was destroyed by fire. Red
recovered P387,500 from its insurance company.
c.On May 1, 2017, cost of P4,200,000 were incurred to improve leased office premises. The
leasehold improvements have a useful life of 8 years. The related lease terminates on
December 31, 2016.
d.On July 1, 2017, machinery and equipment were purchased at a total invoice cost of
P7,000,000; additional cost of P125,000 for freight and P625,000 for installation were
incurred.
e.Red determined that the delivery equipment comprising the P2,875,000 balance at
January 1, 2017, would have been depreciated at a total amount of P450,000 for the year
ended December 31, 2017.
The salvage values of the depreciable assets are immaterial. The policy of the Red Co. is to
compute depreciation to the nearest month.
QUESTIONS:
Based on the above and the result of your audit, answer the following:
1.How much is the Accumulated depreciation – Buildings as of December 31, 2017?
a. P7,777,500
b. P7,982,850
c. P8,377,500
d. P7,103,700
2.How much is the Accumulated depreciation – Machinery and Equipment as of
December 31, 2017?
a. P8,844,375
b. P8,614,375
c. P8,830,000
d. P8,556,875
3.How much is the Accumulated depreciation – Delivery Equipment as of December
31,2017?
a. P2,715,000
b. P2,400,000
c. P2,490,000
d. P2,805,000
4.How much is the Accumulated depreciation – Leasehold Improvements as of
December 31, 2017?
a. P420,000
b. P525,000
c. P350,000
d. P630,000
5.How much is the net gain (loss) from disposal of assets for the year ended December
31, 2017?
a. P100,000
b. (P35,000)
c. P65,000
d. (P65,000)
Question No. 1 - B
Buildings (150% declining balance)
Balance, 1/1/05
Depreciation for 2017:
Book value, 1/1/05 (P30,000,000 - P6,577,500)
150% declining balance rate (1/25 x 150%)
Accumulated dep - Buildings, 12/31/05
6,577,500
6,577,500
23,422,500
6%
1,405,350
7,982,850
Question No. 2 - D
Machinery and Equipment (Straight line)
Balance, 1/1/05
Depreciation for 2017:
M & E balance, 1/1/05
Less machine destroyed by fire
Remainder of beginning balance
Depreciation rate (1/10 years)
Depreciation on remainder of beginning bal.
Depreciation on machine destroyed by fire
(P575,000 x 10% x 3/12)
6,250,000
22,500,000
575,000
21,925,000
10%
2,192,500
14,375
Depreciation on machine purchased on 7/1/05
[(P7,000,000+P125,000+P625,000) x 10% x 6/12]
Machine destroyed by fire (P575,000 x 5/10)
Accumulated dep - Machinery & Equip., 12/31/05
387,500
2,594,375
(287,500)
8,556,875
Question No. 3 - B
Delivery equipment (SYD)
Balance, 1/1/05
Depreciation for 2017:
Depreciation on 1/1/05 balance (see info (e))
Less depreciation on truck traded-in
(P450,000 x 2/10*)
Depreciation on remainder of beginning bal.
Depreciation on truck purchased on 1/2/05
(P600,000 x 4/10*)
Truck traded-in (P450,000 - P135,000)
Accumulated dep - Delivery Equip., 12/31/05
2,115,000
450,000
90,000
360,000
240,000
600,000
(315,000)
2,400,000
* SYD = (4+3+2+1) = 10
Question No. 4 - A
Leasehold improvements (Straight line)
Depreciation for 2016 (P4,200,000 x 8/80*)
420,000
Remaining lease term (5/1/04 to 12/31/10)
Useful life (8 years x 12)
Shorter - remaining lease term
80 months
96 months
80 months
*
Question No. 5 - C
Machine destroyed by fire:
Amount recovered from insurance company
Less book value of machine:
Cost
Accumulated depreciation (see above)
Gain on machine destroyed by fire
Truck traded-in:
Trade-in value (P600,000 - P500,000)
Less book value of truck traded-in
Loss on truck traded-in
Net gain on asset disposals
387,500
575,000
(287,500)
287,500
100,000
100,000
135,000
(35,000)
65,000
Equity
Resolve Corporation began operations on January 1, 2017. The company was authorized to
issue 60,000 shares of P10 par value common stock and 120,000 shares of
10%, P100 par value convertible preferred stock.
In connection with your audit of the company’s financial statements, you noted the following
transactions involving stockholders’ equity during 2017:
Jan. 1 Issued 1,500 shares of common stock to the corporation promoters in exchange for
property valued at P510,000 and services valued at P210,000. The property costs P270,000
3 years ago and was carried on the promoters’ books at P150,000.
Jan. 31 Issued 30,000 shares of convertible preferred stock at P150 per share.
Each share can be converted to five shares of common stock. The corporation paid P225,000
to an agent for selling the shares.
Feb. 15 Sold 9,000 shares of common stock at P390 per share. The corporation paid issue
costs of P75,000.
May 30 Received subscriptions for 12,000 shares of common stock at P450 per share.
Aug. 30 Issued 2,100 shares of common stock and 4,200 shares of preferred stock in
exchanged for a building with a fair market value of P1,530,000. The building was originally
purchased for P1,140,000 by the investors and has a book value of P660,000. In addition,
1,800 shares of common stock were sold for P720,000 cash.
Nov. 15 Payments in full for half of the subscriptions and partial payments for the rest of the
subscriptions were received. Total cash received was
P4,200,000. Shares of stock were issued for the fully paid subscriptions.
Dec. 1 Declared a cash dividend of P10 per share on preferred stock, payable on December
31 to stockholders of record on December 15, and P20 per share cash dividend on common
stock, payable on January 15, 2006 to stockholders of record on December 15.
Dec. 31 Paid the preferred stock dividend.
Net income for the first year of operations was P1,800,000.
QUESTIONS:
Based on the above and the result of your audit, determine the following as of December 31,
2017:
1.Common stock
a.
P264,000
b. P144,000
c. P204,000
d. P186,000
2.Paid-in capital in excess of par value of preferred stock
a.
P1,500,000
b. P1,275,000
c. P1,545,000
d. P1,860,000
3. Paid-in capital in excess of par value of common stock
a.
P8,211,000
b. P11,121,000
c. P10,851,000
d. P10,032,000
4.Retained earnings
a.
P1,050,000
b. P1,170,000
5.Total stockholders’ equity
a.
P17,295,000
b. P15,810,000
SUGGESTED ANSWERS: C, C, C, D, B
PROBLEM NO. 1 - Resolve Corporation
c. P1,458,000
d. P930,000
c. P16,950,000
d. P17,010,000
Date
Preferred stock
1/31
8/30
Common stock
1/1
2/20
Particulars12.31.17
(Debit) CreditBalance
3,000,000
3,420,000
420,000
8/30
8/30
11/07
Subscribed common stock
5/30
11/07
Subscription receivable
5/30
11/07
Additional paid in capital - preferred
1/31
1/31
8/30
Additional paid in capital - common
1/1
2/20
2/20
5/30
8/30
Retained earnings
15,000
90,000
18,000
21,000
60,000
204,000 (1)
120,000
(60,000)
60,000
(5,400,000)
4,200,000
(1,200,000)
C
1,500,000
(225,000)
270,000
1,545,000 (2)
C
705,000
3,420,000
(75,000)
5,280,000
10,851,000 (3)
C
702,000
8/30
819,000
12/01
12/31
(870,000)
1,800,000
Journal entries for 2017
1/1 Property
Organization expenses
Common stock (1,500 shares x
P10)
APIC - excess over par of common stock
1/31 Cash (30,000 shares x
P150)
Preferred stock (30,000 shares x P100)
APIC - excess over par of preferred stock
APIC - excess over par of preferred
stock
Cash
2/20 Cash (9,000 shares x P390)
Common stock (9,000 shares x
P10)
APIC - excess over par of common stock
APIC - excess over par of common
stock
Cash
930,000 (4)
D
15,810,000 (5)
B
510,000
210,000
15,000
705,000
4,500,000
3,000,000
1,500,000
225,000
225,000
3,510,000
90,000
3,420,000
75,000
75,000
5/30 Subscriptions receivable (12,000 shares x P450)
Subscribed common stock (12,000 shares
x P10)
APIC - excess over par of common
stock
8/30
Cash
Common stock (1,800
shares x P10)
APIC - excess over par of common
stock
5,400,000
120,000
5,280,000
720,000
18,000
702,000
Building
1,530,000
Common stock (2,100
shares x P10)
APIC - excess over par of common [(2,100 sh
x P400*)-21,000]
Preferred stock (4,200
shares x P100)
APIC - excess over par of preferred stock
(balance)
'* (P720,000/1,800
shares)
11/07
12/01
Cash
Subscriptions
receivable
Subscribed common stock (12,000 shares
x P10 x 1/2)
Common stock
Retained earnings
Dividends payable Preferred
Dividends payable Common
21,000
819,000
420,000
270,000
4,200,000
4,200,000
60,000
60,000
870,000
342,000*
528,000**
*(P3,420,000/P100 x P10)
**{[(P204,000 + P60,000)/P10] x P20}
12/31 Income summary
Retained earnings
1,800,000
1,800,000
The year-end audit of the records of Stamina Farms disclosed a shortage in cash amounting
to P600,000. The treasurer had concealed the fraud by increasing inventories by P300,000,
land by P100,000 and accounts receivable by P200,000.
Faced with prosecution, the treasurer offered to surrender 6,000 Stamina Farms shares
owned by him. The board of directors accepted the offer, with the agreement that the
treasurer would pay any deficiency between the shortage and the book value of the shares,
after adjusting for the fraud. The corporation would in turn pay the excess, if any, of the book
value over the shortage.
As of December 31, 2017, there were 40,000 common shares issued and outstanding with a
par value of P100; Retained earnings as of January 1, 2017 was P1,600,000 and net income
from 2017 operations was P1,400,000.
REQUIRED:
Considering the above information, answer the following:
1.What would be the book value per share for purposes of the agreement?
a. P175
b. P206
c. P150
d. None of these
2.How much would the company pay the treasurer, if any?
a. P450,000
b. P300,000
c. P636,000
d. None of these
3.Assuming further the company distributes the 6,000 shares as dividend to the remaining
stockholders, what would be the balance of the Retained earnings as of
December 31, 2017?
a. P1,950,000
b. P2,100,000
c. P1,764,000
d. None of these
SUGGESTED ANSWERS: A, A, A
Requirement No. 1 - A
Capital stock (40,000 x P100)
4,000,000
Retained earnings:
1,600,000
Beginning
1,400,000
Net income for 2005
3,000,000
Total stockholders equity
7,000,000
Divide by number of shares outstanding
40,000
Book value per share
175
Requirement No. 2 - A
Value of the shares to be surrendered (6,000 x P175)
1,050,000
Amount of cash shortage
600,000
Amount to be paid to the treasurer
450,000
Requirement No. 3 - A
Retained earnings before dividends
3,000,000
Dividends to remaining stockholders (value of shares surrendered)
(1,050,000)
Retained earnings after dividends
1,950,000
_______________
______
PROBLEM NO. 2
PROBLEM NO. 1
You are engaged to examine the financial statements of the Olive Manufacturing
You obtained the following information from the balance sheet of Caloocan Company in connection
with your audit of the Company's financial statements for the year 2016:
Dec 31, 2016 Dec.31.2017 Corp. for the year ended December 31,
Cash
P200,000
P706,600
2016. The
following schedules for property, plant,
? equipment 50,000 and related accumulated depreciation
Notes receivable and
Inventory
399,750 prepared by your client. The opening
accounts have been
Accounts payable
balances agree-with 150,000 your prior year's audit working papers.
All operating expenses are paid by Caloocan with cash and all purchases of inventory are made on
account. Caloocan sells only one product. All sales are cash sales which are made for P100 per unit.
Caloocan purchases 1,500 units of inventory per month and values its inventory using periodic FIFO.
The unit cost of inventory during January 2016 was P65.20 and an increased of P0.20 per month
during the year. During 2016, payments to suppliers totaled P943,400 and operating expenses totaled
P440,000. The ending inventory for 2017 was valued at P65.00 per unit.
Olive Manufacturing Co.
QUESTIONS:
Based on the above and the result of your audit, determine the
Analysis of Property, Plant, and
following: 1. Number of units sold during 2016
Equipment and
a. 18,900 c. 8,268 b. 18,400 d. 8,768
Related Accumulated Depreciation Accounts
2. Accounts payable balance at December 31, 2016
Year Ended December 31,
a. P400,000 c. P150,000 b. P380,200 d. P383,500
2016
3. Inventory amount at December 31, 2016
a. P 385,900 c. P 352,500 b. P 1,055,183 d. P
1,022,483
Auditing Problems
Audited
Per books
Cost
12-31-11
Addition
Retirement
12-31-12
Land
P450,000
P100,000
P
P 550,000
Buildings
2,400,000
350,000
2,750,000
Machinery & equipment
2,770,000
808,000
520,000
3,526,000
P5,620,000
P1,258,000
P520,000
P6,826,000
Audited
Per books
Accumulated Depreciation
12-31-11
Addition
Retirement
12-31-12
Buildings
P1,200,000
P103,000
P1,303,000
Machinery & equipment
546,500
P313,600
860,100
P1,746,500
P416,600
P 2,163,100
Further investigation revealed the following:
a. All depreciable assets are depreciated on the straight- line basis
(with no
salvage value) based on
the following estimated lives:
Buildings - 25 years,
all other items 10 years.
b. The company entered into
a lease contract for
a derrick
machine
with annual rental of
P100,000 payable in advance every April 1. The parties to the contract stipulated that a 30-day written
notice is required to cancel the lease. Estimated useful life is 10 years. The derrick was recorded under
machinery and equipment at P808,000 and P60,600, applicable to the machine was included in the
depreciation expense during the year.
The company finished construction of a new building wing in June 30. The useful life of the main
building was not prolonged. The lowest construction bid was P350,000 which was the amount
recorded. Company personnel constructed the building at a total cost of P330,000.
P100,000 was paid for the construction of a parking lot which was completed on July 1, 2016. The
expenditure was charged to land.
The P520,000 equipment under retirement column represent cash received on October 1, 2016 for
machinery bought on October 1, 2016 for P960,000. The bookkeeper recorded depreciation expense of
P72,000 on this machine in 2016.
The company's president donated land and building appraised at P200,000 and P400,000 respectively
to the company to be used as plant site. The company began operating the plant on September 30,
2016. Since no money was involved, the bookkeeper did not make any entry for the above transaction.
QUESTIONS:
Based on the above and the result of your audit, answer the following:
6.
The carrying amount of the buildings on December 31, 2016 is
a.
P1,820,250
c.
P1,816,250
b.
P1,827,400
d.
P1,447,000
7.
The carrying amount of the land on December 31, 2016 is
a.
P650,000
c.
P750,000
b.
P450,000
d.
P545,000
8.
The carrying amount of the property, plant and equipment as of December 31, 2016 is
a.
P3,860,750
c.
P3,955,750
b.
P3,755,750
d.
P3,312,900
9.
The loss on the disposal of the machinery sold for P520,000 is
a.
P56,000
c.
P152,000
b.
P80,000
d.
P
0
PROBLEM NO. 3
GDL, Inc. had the following noncurrent asset account balances at December 31, 2017:
a. P8,850,000 b. P7,400,000
c. P 6,200,000
d.P5,300,000
Auditing Problems