Case 8. The Company provided the following information: Statement of Financial Position For the year ended December 31, 2021 Current assets P 44,300 Current liabilities P66,600 Long-term investments Property and Equipment Intangible assets Long term liabilities Contributed Capital Unrealized Capital Retained earnings Total Liab and Equity 13,600 24,100 123,500 17,000 7,700 22,500 Other assets 13,600 72,500 Total Assets 202,700 202,700 The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1, 2023) P10,000 and land P12,000.
The following information is also available:
1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1,
2023) P10,000 and land P12,000.
2. Long term investments include a P4,600 investment in fair value though other comprehensive income securities
that is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be held
until their December 31, 2029 maturity date.
3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costing
P29,600.
4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, and
treasury shares that costs P1,800.
5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bond
retirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated.
6. Current liabilities include accounts payable P19,400, bonds payable (maturity date December 31, 2022) P40,000,
and accrued income taxes payable P7,200.
7. Long-term liabilities include accrued wages P4,100 and mortgage payable (which is due in five equal annual
payments staring December 31, 2022) P20,000.
8. Contributed capital includes ordinary shares P11,000 and
9. Unrealized capital includes premiums on bonds payable P4,300, premium on preference shares P2,400, premium
on ordinary shares P14,700 and unrealized increase in value of trading securities P1,100.
10.
accumulated
Based on the above data, compute for the following as of December 31, 2021:
1. Current assets
2. Current liabilities
3. Total Noncurrent liabilities
4. Total shareholder’s equity
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
