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(Amounts in Philippine Pesos) : Total Current Assets

The statement of financial position of Morning Co. as of December 31, 20x1 shows total assets of PHP 10,930,000 consisting of current assets of PHP 4,830,000 and noncurrent assets of PHP 6,100,000. Total liabilities are PHP 4,630,000 with current liabilities of PHP 2,070,000 and noncurrent liabilities of PHP 2,560,000. Equity attributable to equity holders consists of issued share capital, share premium, retained earnings, and other reserves, amounting to a total of PHP 6,300,000.

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Luis Alcala
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64 views3 pages

(Amounts in Philippine Pesos) : Total Current Assets

The statement of financial position of Morning Co. as of December 31, 20x1 shows total assets of PHP 10,930,000 consisting of current assets of PHP 4,830,000 and noncurrent assets of PHP 6,100,000. Total liabilities are PHP 4,630,000 with current liabilities of PHP 2,070,000 and noncurrent liabilities of PHP 2,560,000. Equity attributable to equity holders consists of issued share capital, share premium, retained earnings, and other reserves, amounting to a total of PHP 6,300,000.

Uploaded by

Luis Alcala
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Morning Co.

Statement of Financial Position


As of December 31, 20x1
(Amounts in Philippine Pesos)
Notes 20x1
ASSETS
Current Assets
Cash and cash equivalents 1 1,060,000.00
Trade and other receivables 2 1,770,000.00
Inventories 1,200,000.00
Held for trading securities 800,000.00
Total Current Assets 4,830,000.00
Noncurrent Assets
Invetment in equity securities - FVOCI 300,000.00
Investment Property 900,000.00
Property, plant, and equipment 3 4,900,000.00
Total Noncurrent Assets 6,100,000.00
TOTAL ASSETS 10,930,000.00

LIABILITIES AND EQUITY


Current Liabilities
Trade and other payables 4 1,140,000.00
Income tax payable 500,000.00
Provisions 430,000.00
Total Current Liabilities 2,070,000.00
Noncurrent Liabilities
Loans payable - net 5 2,260,000.00
Deferred tax liability 300,000.00
Total Noncurrent Liabilities 2,560,000.00
Total Liabilities 4,630,000.00

EQUITY
Ordinary share capital 4,000,000.00
Share premium 600,000.00
Retained earnings 1,640,000.00
Other components of equity 6 60,000.00
Total Equity 6,300,000.00
TOTAL LIABILITIES AND EQUITY 10,930,000.00
Note 6: Cash and cash equivalents
This line item consists of the following:

Cash on hand 60,000.00


Cash in bank 1,000,000.00
Cash and cash equivalents 1,060,000.00

Note 7: Trade and other receivables


This line item consists of the following:

Accounts receivable 2,000,000.00


Allowance for doubtful accounts (300,000.00)
Advances to employees 40,000.00
Advances to suppliers 30,000.00
Trade and other receivables 1,770,000.00

Note 8: Property, plant, and equipment


This line item consists of the following:

Land 2,200,000.00
Building 3,400,000.00
Accumulated Depreciation - Building (700,000.00)
Property, plant, and equipment 4,900,000.00

Note 9: Trade and other payables


This line item consists of the following:

Accounts payable 720,000.00


Accrued liabilities 80,000.00
Interest payable 340,000.00
Trade and other payables 1,140,000.00

Note 10: Loans payable - net


This line item consists of the following:

Loans payable 3,000,000.00


Discount on loans payable (740,000.00)
Loans payable - net 2,260,000.00

Note 11: Other components of equity


This line item consists of the following:

Revaluation surplus 90,000.00


Translation loss on foreign operation (30,000.00)
Other components of equity 60,000.00

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