Escolar Documentos
Profissional Documentos
Cultura Documentos
Assets
Current assets: Note
Cash and cash equivalents P 35,000
Trading securities 61,000
Trade receivables (1) 107,000
Inventory 322,000 P 525,000
Noncurrent assets:
Property, plant and equipment (2) P1,483,000
Investment Property 1,000,000
Investments in associates 250,000
Intangibles (3) 141,000 2,874,000
TOTAL ASSETS P3,399,000
Note 3 Intangibles
Patents, net of accumulated amortization of P22,000 P 98,000
Trademarks, net of accumulated amortization of P17,000 43,000
Total P141,000
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Note 4 Trade and other payables
Accounts payable P236,000
Salaries payable 20,000
Withholding taxes payable 80,000
Total P336,000
Note 7 Reserves
Paid-in capital in excess of par-preference P 81,000
Paid-in capital in excess of par-ordinary 240,000
Appropriated retained earnings 45,000
Total P366,000
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Note 1 Temporary investments
The trading securities, costing P150,000, are reported at market values.
Land Held for Future Use, which conventionally was classified as long-term investment, is
not qualified to be reported as Investment Property under par. 9 of PAS 40. Thus,
property held for future development and subsequent use as owner-occupied property is
part of property, plant and equipment.
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Note 9 Reserves
Paid-in capital in excess of par-preferred P234,000
Paid-in capital in excess of par-common 303,000
Total P537,000
Assets
Current liabilities:
Trade and other payables (4) P1,390,000
Unearned rent 90,000 P1,480,0900
Noncurrent liabilities:
Bonds payable (5) 1,000,000
Shareholders equity:
Ordinary Share Capital, P10 par P1,200,000
Share Premium 1,040,000
Retained earnings 2,420,000
Total P4,660,000
Less Treasury shares, at cost 330,000 4,330,000
TOTAL LIABILITIES AND
SHAREHOLDERS EQUITY P6,810,000
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Note 3 Property, plant and equipment
Land P 810,000
Buildings and equipment P3,560,000
Less accumulated depreciation 920,000 2,640,000
Total P3,450,000
Assets
Current assets: Note
Cash P 380,000
Current marketable securities 460,000
Trade receivables (1) 2,780,000
Inventories 3,050,000
Prepaid insurance 290,000 P 6,960,000
Noncurrent assets:
Property, plant and equipment (2) P 7,100,000
Other financial assets (3) 1,600,000
Intangibles (4) 960,000 9,660,000
TOTAL ASSETS P16,620,000
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Note 1 Trade receivables
Accounts receivable (1,850,000 + dishonored
notes receivable of P1,000,000) P2,850,000
Less Allowance for doubtful accounts 70,000
Net trade receivables P2,780,000
Note 4 Intangibles
Patents P820,000
Less accumulated amortization 230,000 P 590,000
Trademarks P520,000
Less accumulated amortization 150,000 370,000
Total P960,000
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Current liabilities consist of:
Trade accounts payable (750,000 + 150,000 + 120,000) 1,020,000
Customer deposit 70,000
Notes payable (1,500,000 300,000) 1,200,000
Current portion of bonds payable 500,000
Income taxes payable 280,000
Employees income tax withheld 40,000
Total current liabilities P 3,110,000
Note: The entire amount of Mortgage notes payable is classified as current liabilities because as of
December 31, 2010, the company has no discretion yet to refinance the obligation on a long-term
basis. The refinancing of the mortgage payable in 2008 is non-adjusting event that requires
disclosure in the notes to the financial statements.
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3-9 (Ping Company)
Cash Accounts Receivable Inventories
Reported amounts P536,000 P3,285,000 P3,500,000
(a) Post dated check recorded 80,000 80,000
(b) Goods shipped FOB destination (180,000) 120,000
(c) Goods out on consignment 135,000
Correct balances, Dec. 31, 2006 P616,000 P3,105,000 P3,835,000
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100,000 + 900,000 + 80,000 = 2,475,000
MC39 B 25,000 + 200,000 + 500,000 + 200,000 + 3,750,000 = 4,675,000
MC40 D 160,000 + 50,000 + 110,000 + 300,000 + 10,000 = 630,000
MC41 D 675,000 + (2,695,000 500,000) + 2,185,000 = 5,055,000
MC42 A 1,801,000 + (763,000 475,000) = 2,089,000
MC43 D 13,360,000 11,180,000 763,000 = 1,417,000;
1,417,000 + 3,350,000 = 4,767,000
MC44 B 1,000,000 + 1,500,000 + 25,000 = 2,525,000
MC45 C 500,000 + 550,000 250,000 = 800,000 + 1,000,000 + 250,000 + 450,000 =
2,500,000
MC46 B 150,000 + (2,100,000 500,000 80,000) + (1,600,000 200,000)
MC47 B (550,000 95,000) + 800,000 + (800,000 X 12% X 7/12) + 6,500
MC48 C 8,700,000 (4,000,000 2,000,000 + 5,000,000 1,000,000) =2,700,000
MC49 B 175,000 + 136,000 + 820,000 + 153,000 + 366,000 = 1,650,000
MC50 A 250,000 + 140,000 + 228,000 + 248,000 = 866,000
MC51 C 525,000 400,000 + 300,000 + 1,020,000 + 1,2000,000 + 450,000
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