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Evening Co. Statement of Financial Position As of December 31, 20x1 Assets

This document is the statement of financial position as of December 31, 20X1 for Evening Co. It lists the company's current assets of $3,070,000 including cash, receivables, and inventories. Non-current assets total $7,860,000 including dairy cattle, land, property and equipment, intangible assets, and other non-current assets. Total assets are $10,930,000. Current liabilities are $3,110,000 and non-current liabilities are $1,700,000, for total liabilities of $4,810,000. Equity includes share capital, share premium, retained earnings, and totals $6,120,000. Notes

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Katherine Cachapero Cachapero
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243 views

Evening Co. Statement of Financial Position As of December 31, 20x1 Assets

This document is the statement of financial position as of December 31, 20X1 for Evening Co. It lists the company's current assets of $3,070,000 including cash, receivables, and inventories. Non-current assets total $7,860,000 including dairy cattle, land, property and equipment, intangible assets, and other non-current assets. Total assets are $10,930,000. Current liabilities are $3,110,000 and non-current liabilities are $1,700,000, for total liabilities of $4,810,000. Equity includes share capital, share premium, retained earnings, and totals $6,120,000. Notes

Uploaded by

Katherine Cachapero Cachapero
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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MODULE 1: ACTIVITY

PROBLEM 3: EXERCISE
A.)

Evening Co.
Statement of Financial Position
As of December 31, 20x1
Notes 20X1

ASSETS
Current Assets

Cash and cash equivalents 6 P 1,100,000

Trade and others receivables 7 1, 770,000

Inventories 200,000

Total current assets P 3,070,000

Non-current Assets

Dairy cattle (used to produce milk) P 1,200,000

Land (held for long term capital appreciation) 900,000

Property, plant and equipment 8 4,400,000

Intangible assets 9 560,000

Other non-current assets 10 800,000

Total non-current assets P 7,860,000

TOTAL ASSETS P 10,930,000

LIABILITIES AND EQUITY


Current Liabilities

Trade and other payable 11 P 920,000


Loans payable- net 12 1,760,000

Provisions for probable loss on lawsuit 430,000

Total current liabilities P 3,110,000

Non-current Liabilities

Net defined benefit liability 13 P 1,700,000

Total non-current liabilities P 1,700,000

TOTAL LIABILITIES P 4,810,000

EQUITY
Ordinary share capital P 4,000,000

Share premium 14 970,000

Retained earnings 15 1,220,000

Translation gain on foreign operation 30,000

Treasury shares (100,000)

Total Equity P 6,120,000

TOTAL LIABILITIES AND EQUITY P 10,930,000

B.)
Note 6: Cash and cash equivalent
This line item consist of the following:
Cash on hand P 120,000
Cash in bank 980,000
Cash and cash equivalent P 1,100,000

Note 7: Trade and other receivables


This line item consist of the following:
Accounts receivable P 2,000,000
Allowance for doubtful accounts (300,000)
Advances to employees 40,000
Advances to suppliers 30,000____
Trade and other receivables P 1,770,000

Note 8: Property, plant and equipment


This line item consist of the following:
Land (office building site) P 1,200,000
Building 4,800,000
Accumulated depreciation-Bldg. (1,600,000)
Property, plant and equipment P 4,400,000

Note 9: Intangible assets


This line item consist of the following:
Patent P 440,000
Accumulated amortization-Patent (80,000)
Web site costs 250,000
Accumulated amortization-Web site (50,000)_
Intangible assets P 560,000

Note 10: Other non-current assets


This line item consist of the following:
Advances to officers (due in 20x3) P 130,000
Advances to affiliates (no agreed due date) 670,000
Other non-current assets P 800,000

Note 11: Trade and other payables


This line item consist of the following:
Accounts payable P 720,000
Utility payable 80,000
Deposit liability for returnable containers (short term) 120,000_
Trade and other payables P 920,000

Note 12: Loans payable- net


This line item consist of the following:
Loans payable (short-term bank loan) P 2,500,000
Discount on lone payable (740,000)__
Loan payable- net P 1,760,000

Note 13: Net defined benefit liability


This line item consist of the following:
Present value of defined benefit obligation P 2,700,000
Fair value of plan assets (1,000,000)
Net defined benefit liability P 1,700,000

Note 14: Share premium


This line item consist of the following:
Share premium P 600,000
Share premium-share warrants outstanding 300,000
Share premium-treasury share 70,000___
Share premium P 700,000

Note 15: Retained Earnings


This line item consist of the following:
Retained earnings P 1,030,000
Reserves for contingencies 190,000___
Retained earnings P 1,220,000

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