Easy Company provided the following information on

December 31, 2017:

Accounts payable 350,000

Accounts receivable 450,0000
Property, plant and equipment 5,600,000
Accumulated depreciation 1,200,000
Mortgage payable, due in 5 years 1,500,000
Share capital, P100 par 4,000,000
Share premiumn 500,000
Cash and cash equivalents 800,000
Accrued expenses 100,000
Inventories 900,000
Long-term investments 950,000
Note payable, long-term debt 500,000
Note payable, short-term debt 200,000
Office supplies unused 50,000
Patent 800,000
Prepaid rent
150,000
Retained earnings
1,350,000
Required:
Prepare in good form properly classified statement of
a
financial position in accordance
with Philippine Financial
Reporting Standards.
Simple Company provided the following account balances on
December 31, 2017:

Share capital 5,000,000

Share premium 500,000
Retained earnings 880,000
Serial bonds payable (P500,000 due every
July 1
of each year) 2,500,000
Employees income tax payable 20,000
Notes payable 100,000
Accrued expenses 30,000
Accrued interest on note payable 10,000
Income tax payable 60,000
Allowance for doubtful accounts 50,000
Advances from customers 100,000
Accounts receivable 500,000
Accumulated depreciation-building 1,600,000
Accumulated depreciation-machinery 1,300,000
Financial assets at amortized cost 1,500,000
Land 1,500,000
Machinery 2,000,000
Factory supplies 50,000
Notes receivable
150,000
Buildingg 4,000,000
Cash 420,000
Claim receivable
20,000
Finished goods 400,000
Franchise
200,000
Goods in process
600,000
Prepaid insurance 20,000
Raw materials
200,000
Financial assets at fair value
Tools 250,000b
40,000
Goodwill1 100,000
Plant expansion fund
Accounts payable
500,000
300,000
Required:
Prepare a statement of financial position.
 Violago Company provided the following account balan
at year-end:
balances
Accounts receivable
Financial fair value through profit loss 1.600,00o
assets at
Financial assets at amortized
or
500,000
Cash
cost
1,300,0000
Inventory 1,100,000
Equipment and furniture
3,000,000
Accumulated depreciation 2,500,0000
Patent 1,500,000
Prepaid expenses 400,000
Equipment held for sale 100,000
2,000,000
What total amount should be reported as current assets at
year-end?

aa. 8,300,000
b. 8,200,0000
C. 6,300,000
d. 9.600,000
 At current assets of Hazel Company revealed
year-end, the
cash and cash equivalents of P700,000, accounts receivable of
P1,200,000 and inventories of P600,000. The examination of
accounts receivable disclosed the following:

Trade accounts 930,000

Allowance for doubtful accounts
20,000)
Claim against shipper for goods lost in transit
Selling price of unsold goods sent by Hazel
30,000
on consignment at 130% of cost and not
included in ending inventory
260,000
Total accounts receivable
1,200.000
What total amount should be
year-end?
reported as current assets at

a. 2,412,000
b. 2,440,000
C. 2,240,000
d. 2,500,000
 Caticlan Company provided the following data on December
31, 2017:
Cash, including sinking fund of P500,000 for bond
payable due on June 30, 2018 2,000,000
Notes receivable 1,200,000
Note receivable discounted 700,000
Accounts receivable - unassigned 3,000,000
Accounts receivable -

assigned 800,000b
Allowance for doubtful accounts 100,000
500,000
Equity of assignee in accounts receivable assigned
Inventory, including P600,000 cost of goods in transit
purchased FOB destination. The goods were
received on January 3, 2018 2,800,00o

What total amount of current assets should be reported

on

December 31, 2017?

a. 7,900,000
b. 8,400,000
C. 7,400, 000
d. 7,700,000
 Daria Company reported the following accounts at year-end:
Inventory. including inventory expected in the
ordinary course of operations to be sold
beyond 12 months amounting to P700,000 1,000,000
Accounts receivable 1,200,000
Prepaid insurance 100,000
Financial asset held for trading 200,000
Equity investment at fair value through other
comprehensive income 800,000
Cash 300,000
Deferred tax asset 150,000
What total amount should be reported as current assets at
year-end?
a. 2,800,000
b. 2,550,000
c. 3,600,000
d. 2,100,000
 Petite Company reported the following current assets
ts on
on
December 31, 2017:
Cash 5,000,000b
Accounts receivable 2,000,000
Inventory, including goods received on
consignment P200,000 800,000
Bond investment at fair value through
other comprehensive income 1,000,000
Prepaid expenses, including a deposit of P50,000 made
on inventory to be delivered in 18 months 150,000
Total current assets 8,950,000

Cash in general checking account 3,500,000

Cash fund to be used to retire bonds payable in 2019 1,000,000
Cash held to pay value added taxes 500,000
Total cash 5,000,000

1. What is the correct amount of cash balance to be reported

as current asset?

a. 5,000,000
b. 4,500,000
C. 4,000,000
d. 3,500,000

2. What total amount of current assets should be reported

on December 31, 2017?

a. 6,750,000
b. 6,700,000
C. 7,700,000
d. 7,750,000
Burma Company disclosed the following liabilities:

Accounts payable, after deducting debit balances

in suppliers' accounts amounting to P100,000 4,000,000
Accrued expenses 1,500,0000
Credit balances of customers' accounts 500,000
Share dividend payable 1,000,000
Claims for increase in wages and allowance by
employees, covered in a pending lawsuit 400,000
Estimated expenses in redeeming prize coupons 600,000

What total amount should be reported as current

liabilities?

a. 6,700,000
b. 6,600,000
C.
C. 7,100,000
d. 7,700,000
Gold Company provided the following trial balance on June
30, 2017:
Cash overdraft
Accounts receivable 350,000 100,000
Inventory 580,000
Prepaid expenses 120,000
Land held for sale 1,000,000
Property. plant and equipment, net 950,000
Accounts payable 200,000
Accrued expenses
Share premium 150,000
Share capital
250,000
Retained earnings 1,500,000
800,000
3,000,000 3,000,000
Checks amounting to P300,000 were written to vendors and
recorded on June 29, 2017 resulting in a cash overdraft of
P100,000. The checks were mailed on July 9, 2017.
Land held for sale was sold for cash on July 15, 2017.
The entity issued the financial statements on July 31, 2017.
1. What total amount should be
reported as current assets?
a. 2,250,000
b. 2,050,000
C. 1,950,000
d. 1,250,000
2. What total amount should be
liabilitie8? reported as current

a. 450,000
b. 350,000
c. 650,000
d. 300,000
3. What total amount should be
reported as shareholders
equity?
a. 2,550,000
b. 1,750,000
c. 1,500,000
d. 2,300,000
Mint Company provided the
following account balances on
December 31, 2017 which had been adjusted except for
income tax expense:
Cash
600,000
Accounts receivable, net 3,500,000
Cost in excess of billings on long-term contracts
1,600,000
Bilings in excess of cost on long-term contracts 700,000
Prepaid taxes 450,000
Property. plant, and equipment, net 1,510,000
Note payable noncurrent 1,620,000
Share capital 750,000
Share premium 2,030,000
Retained earnings unappropriated 900,000
Retained earnings restricted for note payable 160,0000
Earnings from long-term contracts 6,680,000
Costs and expenses 5,180,0000
All receivables on long-term contracts are considered to be
collectible within 12 months
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 December 31, 2017, what amount should be reported as

1 Total retained earnings?

a. 1,950,000
b. 2,110,000
C. 2,400,000
d. 2,560,000
Total liabilities?
2 noncurrent

a. 1,620,000
b. 1,780,000
C. 2,320,000
d. 2,480,000
3. Total current assets?

a. 5,000,000
b 4,100,000
C 5,700,000
d. 6,150,000
4. Total shareholders' equity?
a. 2,940,000
b. 2,780,000
4,890,000
C.
d. 4,730,000