Bautista and Bernaldo Statement of Financial Position Quiz
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Questions and Answers

What is the total fair value of the inventories?

  • P 296,000 (correct)
  • P 112,000
  • P 206,000
  • P 124,000

    • What is the total fair value of the equipment?

  • P 440,000
  • P 520,000 (correct)
  • P 360,000
  • P 600,000

    • What is the total amount of Accounts Receivable?

  • P 124,000 (correct)
  • P 136,000
  • P 112,000
  • P 150,000

    • What is the total amount of Goodwill in the Statement of Financial Position?

    <p>P 100,000</p> Signup and view all the answers

    What is the total amount of Bautista's Capital?

    <p>P 394,000</p> Signup and view all the answers

    What is the total amount of Bernaldo's Capital?

    <p>P 402,000</p> Signup and view all the answers

    How many authorized shares of P50 par ordinary share capital are there in Rainbow Corp.?

    <p>50,000 shares</p> Signup and view all the answers

    At what price per share did Bautista and Bernaldo receive shares in exchange for the net assets of the partnership?

    <p>P 70 per share</p> Signup and view all the answers

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