UTV Corp. have the following account balances for the year ended December 31, 2020: DEBIT BALANCES Amount Cash and cash equivalents 400,000 Accounts receivable 900,000 Raw materials 560,000 Goods in process 600,000 Finished goods 1,400,000 Financial assets at FVOCI 2,500,000 Sinking fund 200,000 Land 1,000,000 Building 6,000,000 Plant and equipment 2,400,000 Patent 800,000 Goodwill 1,400,000 Unrealized loss – FVOCI 100,000 Prepaid benefit cost 20,000 Treasury shares at cost 250,000 TOTAL 18,530,000 CREDIT BALANCES Amount Bank overdraft 100,000 Due from an officer 50,000 Allowance for bad debts 40,000 Accumulated depreciation – building 1,600,000 Accumulated depreciation – plant and equipment 400,000 Notes payable, due June 30, 2021 1,300,000 Notes payable, due June 30, 2022 2,100,000 Accounts payable 1,000,000 Provision 180,000 Warranty liabilities 80,000 Income tax payable 120,000 Finance lease liability 180,000 Deferred tax liability 280,000 Actuarial gain 300,000 Revaluation surplus 360,000 Share capital 6,000,000 Share premium 2,000,000 Retained earnings – unappropriated 2,440,000 TOTAL 18,530,000 Additional information:  The sinking fund was established for the payment of Notes Payable due on June 30, 2021.  An Accounts Payable with a debit balance of P150,000 was deducted on the Accounts Payable presented above.  A legal term attached on the Notes Payable due on June 30, 2022 was violated. Required: Prepare a Statement of Financial Position as of December 31, 2020.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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UTV Corp. have the following account balances for the year ended December 31, 2020:
DEBIT BALANCES
Amount
Cash and cash equivalents
400,000
Accounts receivable
900,000
Raw materials
560,000
Goods in process
600,000
Finished goods
1,400,000
Financial assets at FVOCI
2,500,000
Sinking fund
200,000
Land
1,000,000
Building
6,000,000
Plant and equipment
2,400,000
Patent
800,000
Goodwill
1,400,000
Unrealized loss – FVOCI
100,000
Prepaid benefit cost
20,000
Treasury shares at cost
250,000
TOTAL
18,530,000


CREDIT BALANCES
Amount
Bank overdraft
100,000
Due from an officer
50,000
Allowance for bad debts
40,000
Accumulated depreciation – building
1,600,000
Accumulated depreciation – plant and equipment
400,000
Notes payable, due June 30, 2021
1,300,000
Notes payable, due June 30, 2022
2,100,000
Accounts payable
1,000,000
Provision
180,000
Warranty liabilities
80,000
Income tax payable
120,000
Finance lease liability
180,000
Deferred tax
liability
280,000
Actuarial gain
300,000
Revaluation surplus
360,000
Share capital
6,000,000
Share premium
2,000,000
Retained earnings – unappropriated
2,440,000
TOTAL
18,530,000

Additional information:
 The sinking fund was established for the payment of Notes Payable due on June 30, 2021.
 An Accounts Payable with a debit balance of P150,000 was deducted on the Accounts Payable
presented above.
 A legal term attached on the Notes Payable due on June 30, 2022 was violated.
Required:
Prepare a Statement of Financial Position as of December 31, 2020.

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