Selling; and (2) General and Administrative

On May 1, Soriano Co. reported the following account balances along with their estimated fair values:     Carrying Amount Fair Value Receivables $ 188,400   $ 188,400   Inventory   76,600     76,600   Copyrights   146,000     522,000   Patented technology   864,000     646,000   Total assets $ 1,275,000   $ 1,433,000   Current liabilities $ 182,000   $ 182,000   Long-term liabilities   700,000     682,000   Common stock   100,000         Retained earnings   293,000         Total liabilities and equities $ 1,275,000             On that day, Zambrano paid cash to acquire all of the assets and liabilities of Soriano, which will cease to exist as a separate entity. To facilitate the merger, Zambrano also paid $123,000 to an investment banking firm.   The following information was also available:   Zambrano further agreed to pay an extra $74,000 to the former owners of Soriano only if they meet certain revenue goals during the…

The following were recognized during the current fiscal year by Kool Corporation: Loss on early extinguishment of noncurrent debt $30,000 Depreciation expense 18,000 Correction of understated expenses in the prior period 15,000 Losses related to a strike 24,000 Impairment of goodwill 3,400 What net amount of the above items should be included in income from continuing operations? A. $(72,000) $(51,400) $(90,400) D. $(75,400) B. C.

Following are the financial statements and other supplementary information for Summer Corporation for its year-ended December 31, 2022: Sales Cost of goods sold Gross Margin Depreciation Expense Wage Expense Other operating expenses Interest Expense Loss on Sale of Equipment Income Before Tax Income Tax Expense Net Income Current Assets Cash Accounts receivable Inventory Prepaid Expenses Non-Current Assets Equipment Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Income Taxes Payable Wages Payable barnet Davable $1,055,000 (545,000) 510,000 (37,000) (103,000) (55,000) (25,000) (Z.800) 282,200 (112,880) $169,320 2022 $102,560 98,000 85,900 6,700 275,000 (54,000) $514,160 $32,500 5,600 8,800 6,500 Long-Term Liabilities and Shareholders' Equity LT Notes Payable Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 6,500 2021 $145,000 -42,440 110,000 -12,000 43,000 42,900 1,200 5,500 Change 125,000 150,000 (25,000) 29,000 $399,200 114,960…

56. The following accounts are excerpt trial balance of Strawberry Corp. at December 31, 2021 has beenproperly adjusted except for the income tax expense adjustment.• Cash- P775,000• Accounts receivable (net)- P2,695,000• Inventory- P2,085,000• Property, plant, and equipment (net)- P7,366,000• Accounts payable and accrued liabilities- P1,701,000• Income taxes payable- P654,000• Deferred tax liability- P85,000• Ordinary share capital- P2,350,000• Additional paid-in capital- P3,680,000• Retained earnings, 1/1/21- P3,450,000• Net sales and other revenues- P13,360,000• Costs and expenses- P11,180,000• Income tax expenses- P1,179,000Other financial data for the year ended December 31, 2021:• Included in accounts receivable is P1,200,000 due from a customer and payable in quarterlyinstallments of P150,000. The last payment is due December 29, 2023.• The balance in the Deferred Income Tax Liability account pertains to a temporary difference that arosein a prior year, of which P20,000 is…

In the company’s interim income statement for the six months ended June 30, 2020, what total amount of expense relating to these items should be reported?

4. On November 1, 2021, Agar-Agar Corporation had a division that met the criteria for discontinuance of a business component. For the period January 1 through November 1, 2021, the component had a revenue of P1,000,000 and expenses of P1,200,000. The assets of the component were sold on November 2, 2021 at a loss of P100,000. The income from continuing operations of Agar-Agar for 2021 was P5,000,000. The income tax rate is 25%. What amount should be reported as net income for 2021?

Orange Company's accounts payable balance at December 31, 2021 was P540,000 before the year-end adjustments relating to the following information: a. Goods with an invoice cost of P30,000 were in transit from the vendor to Orange on December 31, 2021. The goods were shipped FOB shipping point on December 29, 2021 and were received on January 3, 2022. b. Goods with an invoice cost of P15,000, which were shipped FOB shipping point on December 22, 2021 from a vendor to Orange, were lost in transit. On January 4, 2022, Orange filed a P15,000 claim against the transportation. c. Goods with an invoice cost of P9,000, which were shipped FOB shipping point, were in transit on December 31, 2021 from a vendor to Orange. The goods were received on January 5, 2022. What amount should Orange Company report as accounts payable on its statement of financial position as of December 31, 2021?

The following are the balances of the liability accounts of ABC Company as of December 31,2021:Accounts payable - P 1,000,000(recognized for purchase of inventories, including a debit balance in the suppliers account of P 150,000) The following are not yet reflected in the balance of accounts payable above:- Upon receipt of the goods on January 1,2022 costing P 175,000, the accounting staff of ABC Company recorded the purchase in the accounts. It was determined that the goods were shipped Shipping point on December 31,2021.-Goods with invoice cost of P 255,000 which were shipped FOB Destination on December 31,2021 from a vendor were lost in transit. On January 2, 2022, vendor filed a claim against the shipping company.Notes payable - P 1,500,000, composed of the following:  - 10% , P 750,000 interest bearing note , issuance date: Jan.1,2019 ; due: December 31,2023 ( interest is payable annually)  - 12%,P 750,000, interest bearing note , issuance date: Jan.1,2020 ; due: December 31,2024…

Additional information: • Inventory as at 31 December 2021 amounted to RM79,030. • Dumbo Trading is still owing rent expense for November to December 2021 which has not been amended in the book. • The depreciation for fixture and fittings is charged at 25% per annum calculated at monthly basis using the straight-line depreciation method. • The depreciation for motor vehicle is charged at 20% per annum calculated at monthly basis using the reducing balance method. • Out of RM3,000 salary and wages, RM500 should be sundry expenses and RM2,500 should be motor vehicle expenses respectively. These have yet to be adjusted.   Required: a) Prepare the Statement of Comprehensive Income for the year ended 31 December 2021. b) Prepare the Statement of Financial Position as at 31 December 2021.