SANTOS, Patricia 0.

1A11

Online Problem

1.

Current Assets
Cash ₱ 175,000.00
Investments at fair value through profit or loss 153,000.00
Accounts receivable 366,000.00
Inventories 820,000.00
Prepaid expenses 136,000.00
₱1,650,000.0
Total Current Assets 0

2.

Non-current Assets
Building, net ₱ 800,000.00
Investment at fair value through other comprehensive income 1,020,000.00
Investment in associates 300,000.00
Deferred tax asset 450,000.00
Long-term fund for plant expansion 525,000.00
₱3,095,000.0
Total Non-current Assets 0

3.

Current Liabilities
Accounts payable ₱ 248,000.00
Salaries payable 250,000.00
Dividends payable 140,000.00
Income tax payable 228,000.00
Total Current Liabilities ₱ 866,000.00

4.

Non-current Liabilities
Bonds payable, due 2025, net ₱ 552,000.00
Long-term customer deposits 900,000.00
Total Non-current Liabilities ₱1,452,000.00
5.

Current Assets
Cash ₱ 175,000.00
Investments at fair value through profit or loss 153,000.00
Accounts receivable 366,000.00
Inventories 820,000.00
Prepaid expenses 136,000.00
₱1,650,000.0
Total Current Assets 0
Less: Current Liabilities
Accounts payable ₱ 248,000.00
Salaries payable 250,000.00
Dividends payable 140,000.00
Income tax payable 228,000.00
Total Current Liabilities ₱ 866,000.00
Working Capital ₱ 784,000.00

Notes to the Financial Statements

₱1,200,000.0
Building 0
400,000.0
Less: Accumulated depreciation - building 0
Building, net ₱ 800,000.00

Bonds payable ₱ 600,000.00

48,000.0
Less: Discount on bonds payable 0
Bonds payable, net ₱ 552,000.00
Problem 3, p. 147

(a)

Current Assets
₱
Cash 300,000.00
Investments in shares of other companies, held for trading, at fair value 200,000.00
Accounts receivable, net 380,000.00
Receivable arising from sales of land, due on January 31, 2019 2,000,000.00
Receivable from officers, collectible on June 30, 2019 195,000.00
Inventories 1,000,000.00
Prepaid rent 60,000.00
Total Current Assets ₱4,135,000.00

(b)

Non-current Assets
₱
Equipment, net 390,000.00
Patents, net 36,000.00
₱
Total Non-current Assets 426,000.00

Notes to the Financial Statements

Accounts receivable ₱ 404,000.00
24,000.0
Less: Allowance for uncollectible accounts 0
Accounts receivable, net ₱ 380,000.00

Equipment ₱ 550,000.00
Less: Accumulated depreciation - equipment 160,000.00
Equipment, net ₱ 390,000.00

Patent ₱ 54,000.00
18,000.0
Less: Accumulated depreciation - patent 0
Patent, net ₱ 36,000.00
Problem 5, p. 148

Celeste and Clyde Partnership

Statement of Financial Position
As of December 31, 2018
Current Assets
Cash ₱ 410,000.00
Shares held as trading securities 167,800.00
Accounts receivable 475,000.00
Inventories 514,500.00
Total Current Assets ₱ 1,567,300.00
Non-current Assets
Land ₱ 2,000,000.00
Building, net ₱ 1,400,000.00
Equipment, net 1,830,000.00
Land held as investment property 1,000,000.00
Total Non-current Assets ₱ 6,230,000.00
Total Assets ₱ 7,797,300.00

Current Liabilities
Accounts payable ₱ 437,300.00
Notes payable ₱ 200,000.00
Total Current Liabilities ₱ 637,300.00
Non-current Liabilities
Notes payable, net of current portion ₱ 800,000.00
Mortgage payable, due on June 30,
2024 2,500,000.00
Total Non-current Liabilities ₱ 3,300,000.00
Total Liabilities ₱ 3,937,300.00

Partner's Equity
Celeste, Capital ₱ 1,800,000.00
Clyde, Capital 2,060,000.00
Total Partner's Equity ₱ 3,860,000.00
Total Liabilities and Partner's Equity ₱ 7,797,300.00
Notes to the Financial Statements
₱2,000,000.0
Building 0
600,000.0
Less: Accumulated depreciation - building 0
₱1,400,000.0
Building, net 0

₱2,280,000.0
Equipment 0
450,000.0
Less: Accumulated depreciation - equipment 0
₱1,830,000.0
Equipment, net 0

₱1,000,000.0
Notes payable 0
Less: Current portion of notes 200,000.0
payable 0
Notes payable, net of current portion ₱ 800,000.00