6. As of December 31, 2020, V CorporatIon reported the fol Php 240,000 520,000 350,000 3,000,000 850,000 400,000 500,000 1,000,000 250,000 Cash Receivables Inventory Property and Plant Equipment Accounts Payable Short-term notes payable Long-term debt Weighted Average of outstanding shares in 2020 V Corporation contracted with a third-part appraiser to determine how much replacement cost of its assets. Based on the report of the appraiser, The property and plant have replacement cost of 125% of its reported value. On the other hand, the equipment only commands replacement costs of 70% of its value. According to the appraiser. The equipment was designed using an old technology thus lower replacement cost, other assets and liabilities are valued fairly. How much is the non-current asset reflected in the books of V Corporation as of Dec 31,2020? a) Php4,960,000 b) Php3,850,000 c) Php2,860,000 d) Php2,150,000 7. How much is the book value per share of V Corporation as of December 31, 2020? a) Php19.84 b) Php16.24 c) Php15.84 d) Php12.24 8. How much is the replacement value of the non-current assets of V Corporation? a) Php3,345,000 b) Php3,850,000 c) Php4,345,000 d) Phn5.455.000

6. As of December 31, 2020, V CorporatIon reported the fol Php 240,000 520,000 350,000 3,000,000 850,000 400,000 500,000 1,000,000 250,000 Cash Receivables Inventory Property and Plant Equipment Accounts Payable Short-term notes payable Long-term debt Weighted Average of outstanding shares in 2020 V Corporation contracted with a third-part appraiser to determine how much replacement cost of its assets. Based on the report of the appraiser, The property and plant have replacement cost of 125% of its reported value. On the other hand, the equipment only commands replacement costs of 70% of its value. According to the appraiser. The equipment was designed using an old technology thus lower replacement cost, other assets and liabilities are valued fairly. How much is the non-current asset reflected in the books of V Corporation as of Dec 31,2020? a) Php4,960,000 b) Php3,850,000 c) Php2,860,000 d) Php2,150,000 7. How much is the book value per share of V Corporation as of December 31, 2020? a) Php19.84 b) Php16.24 c) Php15.84 d) Php12.24 8. How much is the replacement value of the non-current assets of V Corporation? a) Php3,345,000 b) Php3,850,000 c) Php4,345,000 d) Phn5.455.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The comparative balance sheets for Metlock Corporation show the following information. December 312020 2019Cash $33,500 $12,900Accounts receivable 12,400 10,000Inventory 12,100 9,000Available-for-sale debt investments –0– 3,000Buildings –0– 29,800Equipment 44,800 19,900Patents 5,000 6,300 $107,800 $90,900Allowance for doubtful accounts $3,100 $4,500Accumulated depreciation—equipment 2,000 4,500Accumulated depreciation—building –0– 6,000Accounts payable 5,000 3,000Dividends payable –0– 4,900Notes payable, short-term (nontrade) 3,000 4,100Long-term notes payable 31,000 25,000Common stock 43,000 33,000Retained earnings 20,700 5,900 $107,800 $90,900 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500.2. $10,000 of the long-term note payable was paid by issuing common stock.3. Cash dividends paid were $4,900.4. On January…
As of December 31, 2020, Casablanca Corporation reported the following items in its balance sheet: Cash P240,000 ; Receivables P520,000 Inventory P350,000; Property and Plant P3,000,000; Equipment P850,000; Accounts payables P400,000; short-term notes payables P500,000; long-term debt P1,000,000; Weighted average of outstanding share in 2020- 250,000. Casablanca Corp. contracted with a third party appraiser to determine how much is the replacement cost of its assets. Based on the report of the appraiser, the property and plant has replacement cost of 125% of its reported value. On the other hand, the equipment only commands replacement cost of 70% of its value. According to the appraiser, the equipment was designed using an old technology thus the lower replacement cost. Other assets and liabilities are valued fairly.---- How much is the none-current asset reflected in the books of Casablanca Corporation as of December 31, 2020? how much is the book value per share of Casablanca…
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