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    Ia Assignment 3

    Uploaded by

    Resty Villaroel
    The statement of financial position of Evening Co. as of December 31, 20x1 shows total assets of P10,930,000 consisting of current assets of P3,070,000 and noncurrent assets of P7,860,000. Total liabilities are P3,110,000 in current liabilities and P1,700,000 in noncurrent liabilities. Shareholders' equity is P6,120,000 consisting of share capital, reserves, retained earnings, and other components of equity. Various notes provide additional details on items in the statement.

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    Ia Assignment 3

    Uploaded by

    Resty Villaroel
    31 views3 pages
    The statement of financial position of Evening Co. as of December 31, 20x1 shows total assets of P10,930,000 consisting of current assets of P3,070,000 and noncurrent assets of P7,860,000. Total liabilities are P3,110,000 in current liabilities and P1,700,000 in noncurrent liabilities. Shareholders' equity is P6,120,000 consisting of share capital, reserves, retained earnings, and other components of equity. Various notes provide additional details on items in the statement.

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    The statement of financial position of Evening Co. as of December 31, 20x1 shows total assets of P10,930,000 consisting of current assets of P3,070,000 and noncurrent assets of P7,860,000. Total liabilities are P3,110,000 in current liabilities and P1,700,000 in noncurrent liabilities. Shareholders' equity is P6,120,000 consisting of share capital, reserves, retained earnings, and other components of equity. Various notes provide additional details on items in the statement.

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    Download as DOCX, PDF, TXT or read online from Scribd
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    31 views3 pages

    Ia Assignment 3

    Uploaded by

    Resty Villaroel
    The statement of financial position of Evening Co. as of December 31, 20x1 shows total assets of P10,930,000 consisting of current assets of P3,070,000 and noncurrent assets of P7,860,000. Total liabilities are P3,110,000 in current liabilities and P1,700,000 in noncurrent liabilities. Shareholders' equity is P6,120,000 consisting of share capital, reserves, retained earnings, and other components of equity. Various notes provide additional details on items in the statement.

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    of 3

    PROBLEM 3: EXERCISE pg.

    41

    Evening Co.
    Statement of Financial Position
    As of Dcember 31, 20x1
    (amounts in Philippine Pesos)

    ASSETS

    Notes

    Current assets
    Cash and cash equivalents 6 P 1,100,000
    Trade and other receivables 7 1,770,000
    Inventories 200,000
    Total current assets P 3,070,000

    Noncurrent assets
    Property, plant and equipment 8 4,400,000
    Long-term investments 900,000
    Intangible assets 9 560,000
    Biological assets 1,200,000
    Other noncurrent assets 10 800,000 7,860,000

    Total noncurrent assets P 10,930,000

    Total assets

    LIABILITIES AND SHAREHOLDERS’ EQUITY

    Current liabilities
    Trade and other payables 11 P 2,680,000
    Provisions 430,000
    Total current liabilities P 3,110,000

    Noncurrent liabilities
    Accrued benefit cost 12 1,700,000

    Shareholders’ equity
    Share capital 13 P 3,900,000
    Reserves 14 1,160,000
    Retained earnings 1,030,000
    Other components of equity 30,000
    Total shareholder’s equity 6,120,000

    Total liabilities and shareholder’s equity P 10,930,000


    Note 6 - Cash and cash equivalents
    Cash on hand P 120,000
    Cash in bank 980,000
    Total cash and cash equivalents P 1,100,000

    Note 7 - Trade and other receivables


    Accounts receivable P 2,000,000
    Allowance for doubtful accounts (300,000)
    Advances to employee 40,000
    Advances to suppliers 30,000
    Total trade and other receivables P 1,770,000

    Note 8 - Property, plant and equipment


    Land P 1,200,000
    Building 4,800,00
    Accumulated depreciation - Bldg. (1,600,000)
    Total property, plant and equipment P 4,400,000

    Note 9 - Intangible assets


    Patent P 440,000
    Accumulated amortization - Patent (80,000)
    Web site costs 250,000
    Accumulated amortization - Web site (50,000)
    Total intangible assets P 560,000

    Note 10 - Other noncurrent assets


    Advances to officers (due in 20x3) P 130,000
    Advances to affiliates (no agreed due date) 670,000
    Total other noncurrent assets P 800,000

    Note 11 - Trade and other payables


    Accounts payable P 720,000
    Utilities payables 80,000
    Loans payable (short-term bank loan) 2,500,000
    Discount on loan payable (740,000)
    Deposit liability for returnable containers (short-term) 120,000
    Total trade and other payables P 2,680,000

    Note 12 - Accrued benefit cost


    Present value of defined benefit obligation P 2,700,000
    Fair value of plan assets 1,000,000
    Total accrued benefit cost P 1,700,000

    Note 13 - Share Capital


    Ordinary share capital P 4,000,000
    Treasury shares (100,000)
    Total share capital P 3,900,000

    Note 14 - Reserves
    Share premium P 600,000
    Share premium - share warrants outstanding 300,000
    Share premium - treasury shares 70,000
    Reserves for contingencies 190,000
    Total reserves P 1,160,000

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