The data below are from the records of Gomez, Inc. on December 31, 20x1: Accounts payable P720,000 Cash balance, ABC Bank 1,120,000 Cash overdraft with XYZ Bank 130,000 Customers’ accounts with credit balances 50,000 Dividends in arrears on preference shares 450,000 Employees’ income tax payable 200,000 Estimated warranty liability 80,000 Estimated premium claims outstanding 75,000 Income tax payable 480,000 Notes Payable (issued in 20x1 maturing in semi-annual installments beginning April 1, 20x2 for 20 years) 4,000,000 Salaries payable 320,000 Required: 1. What amount shall be reported as total current liabilities on Gomez, Inc.’s statement of financial position at December 31, 20x1

The data below are from the records of Gomez, Inc. on December 31, 20x1: Accounts payable P720,000 Cash balance, ABC Bank 1,120,000 Cash overdraft with XYZ Bank 130,000 Customers’ accounts with credit balances 50,000 Dividends in arrears on preference shares 450,000 Employees’ income tax payable 200,000 Estimated warranty liability 80,000 Estimated premium claims outstanding 75,000 Income tax payable 480,000 Notes Payable (issued in 20x1 maturing in semi-annual installments beginning April 1, 20x2 for 20 years) 4,000,000 Salaries payable 320,000 Required: 1. What amount shall be reported as total current liabilities on Gomez, Inc.’s statement of financial position at December 31, 20x1

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 30BEB: Klynveld Companys balance sheet shows total liabilities of 94,000,000, total stockholders equity of...

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Using the data given below, compute for the total amount of items that meet the definition of financial liability Bank overdraft P 100,000 Accounts payable 1,200,000 Notes payable 500,000 Loans payable 1,800,000 Income tax payable 120,000 Warranty obligations 180,000 Deferred revenue 240,000 Cumulative, redeemable preference shares at the option of the issuer 1,000,000 Non-cumulative, non-redeemable preference shares 2,000,000
Using the data given below, compute for the total amount of items that meet the definition of financial liability Bank overdraft P 100,000 Accounts payable 1,200,000 Notes payable 500,000 Loans payable 1,800,000 Income tax payable 120,000 Warranty obligations 180,000 Deferred revenue 240,000 Cumulative, redeemable preference shares at the option of the holder 1,000,000 Non-cumulative, non-redeemable preference shares 2,000,000 a. P4,900,000c. P4,600,000 b. P3,620,000 d. P4,500,000
POLKADOT Company y disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable…
1. On December 31, 2020, the accounts receivable control account of nana Company had a balance of P8,200,000. An analysis of the accounts receivable account showed the following:Subscription receivable due in 30 days 2,200,000Advance payments to creditors on purchase orders 400,000Advances to affiliated companies 1,000,000Interest receivable on bonds 400,000Trade accounts receivable – unassigned 2,000,000Customers’ accounts reporting credit balances arising from sales returns ( 600,000)Trade accounts receivable – assigned (Finance Company’s equity inassigned accounts is P500,000) 1,500,000Trade installments receivable due 1-18 months, including unearnedfinance charge of P50,000 850,000Trade accounts receivable from officers, due currently 150,000Trade accounts on which post-dated checks are held (no entries were made on receipt of checks) 200,000Accounts known to be worthless 100,000Total 8,200,000The correct balance of trade accounts receivable on December 31, 2020 is_________.
POLKADOT Company disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable…
RMM Company disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable…
Use the following information from financial statements of Hamilton Inc. Information from Balance Sheet Accounts: 12/31/2020 12/31/2021 Accounts receivable, gross Allowance for uncollectible accounts 5,000 70,000 90,000 Advances from customers 1,600 600 Information from Income Statement Accounts: Revenue (gross) carned during 2021 277,000 Bad debt expense in 2021 5,200 Other Information: Accounts receivable of 3,900 were written off during the year 2021.
ABC Company provided the following account balance on December 31, 2020:Accounts payable and accruals 700,000Bonds payable 3,500,000Stock dividends payable, issuance in 2021 250,000Provisions 700,000Further analysis of ABC Company’s accounts revealed the following: Accounts payable and accruals included the following: Bank overdraft – BPI account, ₱40,000; ABC Company does not have any other account in BPI. Accrued expenses for utilities, ₱90,000. Bonds payable included the following: 6% term – bonds, maturity date January 1, 2021. 8% serial bonds, ₱2,000,000 of which 250,000 matures every December 31. 10%, term – bonds, maturity date January 1, 2026, recorded at face amount of ₱1,000,000; the bondswere issued on December 31, 2020 at a discount of ₱120,000 giving it a yield rate of 12% and wasrecorded as expense. PRELIM – ACT17 | M. MANAYAO,CPA 3 Provisions included the following: ₱500,000 representing the estimated cost to clean up a small lake due to contamination caused by…
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1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current assets?
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?
RM Company disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable 138,500…