PAACTICAL-ACCO-UN-I-UIG- 1-- - -.

-"" S-taternent=ol Elnan-cralPosi"tio-n

f'4 X e r:mpany,-a parent contparrv

rr.':orz: " I iD ,9.'i:'4.i .'.'i'iIaNCf
culr,jr,q itcqoq{t in its
lr'.rt rcpcrJte d ii,ll,t,w!ng-1r.1.
l'^,pt-t)
iinrnciai records as ot-l)ecenrbcr

Cash and cash equivalents P 3,t100,000

l-oars and receivables 20,0{}0.000
Merchandisc inventorl' ?,000,000
Prcpaid cxpense ,_-l!q_0_q0
lotal !t_21,I09o00

lncluded in the krans :rnd reccivahlt:s is a I)5,00(1,(!{}0 ioan fr'r M tornpany. c-gubridjaqy. The loan is rc'payable on
dernand but the dcmand lc:atare is; prinrariiy n-iirr:st-+,1*|rlq!]&n or e t4;<-d1iv-9ri fcature oI'ihe lgan-and it is the _., Ct br/,r,A
intentiorrr:flxithpartiesrhattire ioar.yiil|ii iuixrtgl ilIsii,&gg,r!I:g&,
'I Nit-t/.
-- iXrS{;.X,ie
What i:; thc oorrcct imr(,un[ of rrrrreilt ;rsr.ii:t shorrlil X {'trrnpturl' report in its l)ecer.rber 3l 2017 financial
"
positior?
i0 P20.50tr,000 .:. P2S,C)UO.Otlft
b. l)23,500,00{} d. l)?:5.ii}o.00{i

5. As of Deceruher 31,2{)15, }:rt:eec Lrxuparl'hr:; r;1,. -,'r*"Q1-.'lg"X[r tl.rws due to liroz-en Companv
agafunt anleurlls tiue liorn lir,r,1*n Corrranf iintl i,ii, ti,; ,'r','rr:i.iiLi:,.rd-rtl( i)cl ()r simultaneously, the following
are the payables oi'l:rcezc (lorupttl'l.r Irrizcrr ( rr]irpar),r p:i.ii(]0.000 on March 31,2016; P6,000,000 on June
uYf lt1 !l![t 30.2016 and P5.0{}0.(X]U rrn irctt',bcl "3 I, 2Ut{r. }rrci:z,r: (-.rrtrpari;'}riis ilre lbllowing receivabies li'r:m Frozen
tl{: irlJ4- Company: PI,00(),i)00 cu Januaq, lJ. .lirl6; F8,00i).t;0i; ori "Ituo l(),20 l6 ancl 12,{}00,00() on Deccmber 15.
2016
Qygslton-L: .Mrat auiourrt r-,f fiulnr:i1ll;ras,irt r,lrotrl<l lirrcze Ctunpany report irr its l)eceruber 31, 2015 statelnent
b o f linrurcial position?
rl. Nonc c. [' tt.(]00,{)rJ0
b. P5,000,000 ri. lll1.00{r,(r('0

{
Qas$!gu-|-: Wltat arnt:unt oi'iipg;:glligliLiJ.hr;ulcJ ['rr:czc Courp.ur\. ltperrt in rts I)ccen:ber 3I. 2015
.{ stalement ol financia! 1:osiiiotlt
--a--](onE-
b. P5,000,000 d. i,13.{}fi0.()0(r

5. Iiver, Inc. rcportcdthe follo.z,,inA itelirs on its [.)cceurber 31,2{J17 ailjusl.eritrial balance:
b I
Accounts payatrlt, net <iI'P121.fi0{, riuhil haltnrcc. I}1,ii89.0{i0; custcuucr's acco}nt with credit tralance,
P120,000; adrrances to emplovr:t:s, {'45,tt{iit' ,,ncilrneC comrnissiol inc<,mt:. P28S"(l0f[ pruvision lirr warranties,
-Y' P258,000; provision licr r:ncollcr;lit,lc aic,runls, i'2(),00t.); borids payable. P5,tt00,00[tfdiscotrnt o1 bgncls
t (,ri cquir), irrveshrrelrt (credit balancc).
yl,J"wl1u .rCrt * '
rf .,.,, rr., L.l
What total amount olliabiliti.:s sh.ouiri be rt:1:orrc,J itr tlrc cr:mpan'y's statenrenl ut-linancial position?
a. l'6,626,$$() c. F6.745.{){}0
,6 P6.726.000 tl" P6,;95,00()
7., j-ever Coinpany prcparcd a dralt 2()16 traiauce sh":r:t. 'lhc drait staterlent repcrted uurrcrrt liabilities
ol'its
l.
\- ' totaling P2,000,000. Ilov"'cver, n.rne r.ri"thc fcllowing ilcurs -we,re iorlucled in this preliminary toral at l)ecember
31.2016: n
J -t
Accounts payable- tradc, I)300,t)0r); bonils pa1'ab,le rJut: in 2Ul 7, 1'5$b.0(t0: discount on bonds pa)ra|le, t 6ij,O00;
dividends payablc cluc 2()t7. h,:rrrl ;,;srae-_i1ii. P2(1000: delclrrcd rax liability. POIOOO antl uorcs
f,I60.t1{r{);
payablc, I'100,0p0. '[hc qotes'payahlc ii un issu<:rl i,.su ri,loni,r"itrr-. *iry
ttrsrift-ro&*"Ul" i,,r,"
[o u llii Ilggtlg-m to rni[e a gain lir)]n shr',r1-tqnti nr.)!{:nrilt{s ir rest rate$ ancl has a current tln value of I,120.000.-f
-fri> ll'i. i-
lhe tleicrred tax liability' is cxcess trrx r.ieirrcciatiuu ovt-:r' lii\anr:ial that are cxpectcd to rovcrse in the next threre
years. At what amorutt shouitl l-cver's ctirront liutrilit..'s r,,,..{tly r.lporte(l in the f)cccmbcr 31,2016 staterncnl
financial posilion'l
r>f
- \
r,. p2,e00,000
a. P2,880,0(,0 ,4)
,7 P.1,000.r)00
i;i:lllii,,il F:tr,l,,,]
",,:' 3403
\lJ 'j 'i t.- page 2 or 3

It*$,4
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