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P1 (Statement of Financial Position)

Raw materials 200,000


A. The following account balances were presented
Financial assets at fair value 250,000
on December 31, 2017:
Tools 40,000
Share Capital 5,000,000
Goodwill 100,000
Share Premium-ordinary 500,000
Plant expansion fund 500,000
Retained Earnings -un appropriated 880,000
Accounts payable 300,000
Serial bonds payable(P500,000 due every July 1 of
each year) 2,500,000
Advances to officer-not currently collectible 100,000
Employees income tax payable 20,000
Sinking Fund 400,000
Notes Payable 100,000
Long-term refundable deposit 50,000
Accrued Expenses 30,000
Cash surrender value 60,000
Accrued Interest on notes payable 10,000
lease rights 100,000
Income Tax payable 60,000
Accrued Interest on notes receivable 10,000
Allowance for doubtful accounts 50,000
Land held for speculation 500,000
Advances from customers 100,000
Computer software 3,250,000
Accounts Receivable 500,000
Unearned rent income 40,000
Accumulated Depreciation-Bldg. 1,600,000
Premium on Bonds payable 1,000,000
Accumulated Depreciation-machinery 1,300,000
Share Premium-preference 500,000
Financial assets at amortized cost 1,500,000
SSS payable 10,000
Land 1,500,000
Dividend payable 120,000
Machinery 2,000,000
Preference share redemption fund 350,000
Factory supplies 50,000
Investment in Associates 1,300,000
Mortgage Note payable in quarterly installments of
Notes receivable 150,000
P100,000 2,000,000
Building 4,000,000
Estimated Liability for damages 140,000
Retained Earnings appropriated for plant
Cash 420,000
expansion 1,000,000
Claim receivable 20,000
Retained Earnings appropriated for contingencies 100,000
Finished goods 400,000
Trademark 150,000
Franchise 200,000

Goods in Process 600,000 B. The following balances were presented at year-end


Prepaid insurance 20,000
Bond investment at Fair value through
other comprehensive income 1,000,000
Trade accounts 930,000 Prepaid expenses, including a deposit of
P50,000 made on inventory to be
delivered in 18 mos. 150,000
Allowance for doubtful accounts (20,000)
Total Current Assets 8,950,000

Claims against shipper for goods lost in transit 30,000


Selling price of unsold goods sent by Hazel on
consignment at 130% of cost and included in ending
Cash in general checking account 3,500,000
inventory 260,000 Cash fund to be used to retire bond
payable in 2019 1,000,000

Cash held to pay value added taxes 500,000


Total Accounts receivable 1,200,000

What total amount should be presented as current assets? 5,000,000

1. The correct amount of cash balance to be reported


as current assets?
C. The entity provided the following data on Dec.
31, 2017 2. What total amount of current assets should be
reported on December 31, 2017?
Cash, including sinking fund of 500,000 for bonds
payable due on June 30, 2018 2,000,000
E. A company reported the following current assets on
December 31, 2017:
Notes receivable 1,200,000

Notes receivable discounted 700,000 Cash 4,500,000

Accounts receivable- unassigned 3,000,000 Accounts receivable 7,500,000


Notes receivable, net of discounted note
Accounts receivable- assigned 800,000 P500,000 2,000,000

Inventory 4,000,000
Allowance for doubtful accounts 100,000

18,000,000
Equity of assignee in accounts receivable assigned 500,000
Inventory, including P600, 000 costs of goods in
transit purchased FOB destination. The goods
were received on January 3, 2018 2,800,000 Trade accounts receivable 5,000,000

What total amount of current assets should be reported on Allowance for doubtful accounts (500,000)
Dec. 31, 2017? Selling price for A company’s unsold goods
sent to Other Company on Consignment at
D. The Entity reported the following current assets 150% of cost and excluded from A
on Dec. 31, 2017 Company’s ending Inventory 3,000,000

Cash 5,000,000 7,500,000

Accounts Receivable 2,000,000 1. What is the net realizable value of accounts


Inventory, Including goods received on receivable?
consignment P200,000 800,000
2. On December 31, 2017, what amount should be
reported as total current assets? Accrued expenses 150,000

Share premium 250,000


F. The entity disclosed the following liabilities
Share capital 1,500,000
Accounts payable, after deducting debit
balances in supplier's accounts amounting to
Retained earnings 800,000
100,000 4,000,000

Accrued expenses 1,500,000 3,000,000 3,000,000

Credit balances of customer's accounts 500,000


Check amounting to P300, 000 were written to vendors and
recorded on June 29, 2017 resulting in a cash overdraft of
Share dividend payable 1,000,000
P100, 000. The check was mailed on July 9, 2017.
Claims for increase in wages and allowance by Land held for sale was sold for cash on July 15, 2017.
employees, covered in pending lawsuit 400,000 The entity issued the financial statements on July 31, 2017.

Estimated expenses in redeeming prize coupons 600,000 1. What total amount should be reported as current
assets?
What total amount should be reported as current liabilities? 2. What total amount should be reported as current
liabilities?
G. The entity reported the following liability 3. What total amount should be reported as
balances on Dec. 31, 2017 shareholder’s equity?
10% notes payable issued on Oct. 1, 2016
maturing Oct. 1, 2018 2,000,000
12% notes payable issued on march 1, 2016 I.The entity provided the following account balances on
maturing on march 1, 2018 4,000,000 December 31, 2017 which had been adjusted except for
The 2017 financial statements were issued on March 31, income tax expense:
2018. The entity has discretion to refinance the 10% note
payable for at least twelve months after December 31, Cash 600,000
2017.
On December 31, 2017, the entire P4, 000, 000 balance of Accounts receivable, net 3,500,000
the 12% note payable was refinance on a long-term basis. Cost in excess of billing on long-term
contracts 1,600,000
What amount of the notes payable should be classified as
Billings in excess of cost on long-term
noncurrent on December 31, 2017?
contracts 700,000
H. The Entity provided the following trial balance
Prepaid taxes 450,000
on June 30, 2017:
Property, plant and equipment, net 1,510,000
Cash Overdraft 100,000
Notes payable-noncurrent 1,620,000
Accounts receivable 350,000
Share capital 750,000
Inventory 580,000
Share premium 2,030,000
Prepaid expenses 120,000
Retained earnings un appropriated 900,000
Land held for sale 1,000,000
Retained earnings restricted for notes
Property, plant and
payable 160,000
equipment, net 950,000
Earnings from long-term contracts 6,680,000
Accounts payable 200,000
Cost and expenses
5,180,000

All receivables on long-term contracts are considered to be


collectible within 12mos.
During the year, estimated tax payments of P450,000 were
charged to prepaid taxes. The entity has not recorded
income tax expense. The tax rate is 30%.
On Dec. 31, 2017, what amount should be reported as
1. Total retained earnings
2. Total current liabilities
3. Total current assets
4. Total shareholder’s Equity

J. On Dec. 31, 2017, The entity showed the following:

Cash 3,200,000

Accounts Receivable 2,500,000

Inventory 2,000,000

Deferred tax asset 700,000

Prepaid expenses 100,000

8,500,000

Cash on hand, including customer postdated


check P50,000 and employees IOU P50,000 500,000
Cash in bank per bank statement,
outstanding check on December 31,2017
P200,000 2,700,000

3,200,000

Customer's debit balances, net of customers'


deposit P50,000 1,900,000

Allowance for doubtful accounts (150,000)


Sales price of goods invoiced to customers at
150% of cost on December 29, 2017 but
delivered on January 5, 2018 and 750,000

excluded from reported inventory 2,500,000

1. What is the adjusted cash balance


2. What total amount should be reported as current
assets on Dec. 31, 2017?