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FINANCIAL ACCOUNTING VOLUME TWO Valix Peralta Valix 2016 Edition SOLUTION MANUAL 1 CHAPTER 1 Problem 1-1 Problem 1-2 Problem 1-3 Problem 1-4 1c 1A LA 1A 2. € 2.0 2.8 2.C€ 3.C 3.0 3A 3. A 4.0 4.C¢ 4A 4c 5A 5c 6. D 7. 8 Problem 1-5 Problem 1-6 Problem 1-7 Problem 1-8 Le 1.0 1b. 1G 20 DG 2.D 2a 3. A 3. A SG. 3.8 4c 4.8 4A 4.0 5. B Problem 1-9 Problem 1-10 Accounts payable 1,000,000 Note payable - trade 3,000,000 Deposits and advances from Note payable - bank 2,000,000 customers 250,000 Note payable - officers 500,000 Notes payable 1,000,000 Accounts payable -trade 4,000,000 Credit balances in customers* Bank overdraft 300,000 accounts 200,000 Dividends payable 1,000,000 Serial bonds payable 1,600,000 Withholding tax payable 100,000: Accrued interest on bonds Income tax payable 800,000 payable 150,000 E: ated warranty liability 600,000 Unearned rent income 100,000 Estimated damages payable 700,000 Total current liabilities 3,700,000 Accrued liabilities 900,000 Estimated premium liability 200,000 Total current labilities 14,100,000 Problem 1-11 Employee income taxes withheld 900,000 Cash overdraft 1,300,000 Accounts receivable with credit balance 750,000 Estimated warranty liability 500,000 Estimated damages payable 1,500,000 Accounts payable 3,000,000 Accrued interest on bonds payable from October | to December 31, 2016 (5,000,000 x 12% x 3/12) 150,000 Total current liabilities 8,100,000 2 ‘The bonds will be paid over 5 years because the semiannual payment is P500,000 Since the last bond will be paid on Qctober 1, 2022, the first bond will be paid on April 1, 2018. Accordingly, there is no currently maturing bond in 2017. The stock dividend payable is not an accounting liability but presented as part of shareholders’ equity as an addition to share capital. Problem 1-12 Accounts payable (500,000 + 100,000) 600,000 Accrued liabilities 50,000 Nate payable - refinanced 1,000,000 Note payable - due May 1, 2017 800,000 Total current liabilities 2,450,000 Noncurrent liability: Bonds payable, due December 31, 2018 2,000,000 Problem 1-13 1. Current liabilities: Accounts payable 7,000,000 Note payable - bank 12,000,000 Accrued expenses 4,000,000 23,000,000 Noncurrent liabilities Mortgage payable 4,000,000 Note payable due 2018 3,000,000 7,000,000 Total liabilities. 30,000,000 2. The note payable to bank is paid from the proceeds of the issuance of share capital of P4,000,000 on January 31, 2017 and the availment of a financing agreement on February 15. 2017 with a financially capable commercial bank on April 1, 2017 in the amount of P3,000.000. Nevertheless, the note payable should continue to be classified as current. Problem 1-14 Accounts payable 6,500,000 Note payable - bank 3,000,000 Interest payable 150,000 Mortgage note payable 2,000,000 Bonds payable 4,000,000 Total current liabilities 15,650,000 Problem I-15 Answer A Accounts payable 1,000,000 Unearned rent revenue 300,000 Estimated liability for warranties 250,000 Bonds payable 5,000,000 Discount on bonds payable {_500,000) Total liabilities 6,050,000 Problem 1-16 Answer A Accounts payable (4,000,000 + 100,000) Accrued expenses Credit balances in customers’ accounts Estimated liability for coupons Total current liabilities Problem 1-17 Answer A Accounts payable Bonds payable Discount on bonds payable Dividends payable Total current liabi ies Problem 1-18 Answer C Accounts payable lends payable Income tax payable Note payable Total current liabilities Problem 1-19 Answer D Problem 1-20 Answer A Problem 1-21 Answer C Accounts payable Unsecured note payable Accrued expenses Senior bonds payable Total current liabilities Problem 1-22 Answer D Accounts payable (1,350,000 - 150,000) Accrued taxes payable Customers’ deposit Bank overdraft Accrued electric and power bills Total current liabilities Problem 1-23 Answer D 14% note payable due 2017 8% note payable maturing December 31, 2017 Total current maturities Problem 1-24 Answer B 12% note payable - refinanced on January 31, 2017 4,100,000 1,500,000 500,000 600,000 6,700,000 1,500,000 2,500,000 ( 300,000) 800,000 4,500,000 1,900,000 500,000 900,000 600,000 3,900,000 550,000 4,000,000 350,000 5,000,000 9,900,000 1,200,000 125,000 100,000 55,000 60,000 1,540,000 30,000 100,000 130,000 $000,000