Santiago City, Philippines

Jimmy I. Peru, JD, MBM,MICB,CPA

QUIZ

Start: 9:00 am. End: 10:30 pm.

Allowed time to transmit your answers to be considered on time is on or before 10:33 am only.
Do not copy nor ask anybody for the answer. Do not open (or attempt to open) your book.
This exam is good for 60 minutes. Write your answer in any sheet of paper (Handwritten).

Submission: Send your answer to jimmperu@yahoo.com using this title format CFAS_QUIZFINAL_SURNAME. Example:
CFAS_QUIZFINAL_CHUA. Take a picture of the “message as sent” then upload it to the FB Group.

PROBLEMS

PROBLEM 1. ABC Corp., reported total assets of P4,375,000 Problem 4: Current Assets The following data are available
at year-end. The total assets included the following: for purposes of stating the financial position of Today
Corporation on December 31, 2020:
Machinery, not currently used in production 550,000
Treasury shares 120,000 Cash, including Petty Cash fund of P10,000 P200,000
Amortized patent 50,000 Notes receivable 120,000
Unamortized patent 120,000 Accounts receivable 80,000
Investment in Equity Securities 160,200 Inventory, including P60,000 cost of goods in
Cumulative translation gain 92,000 transit purchased FOB shipping point.
The goods were received on Jan 3, 2021 280,000
What amount should be reported as total assets at year-end? Allowance for doubtful accounts 10,000

How much current assets should be shown in the statement of

Problem 2: Current Assets and Noncurrent Assets financial position as of December 31, 2020?
ABC Corporation’s trial balance reflected the following account P____________________
balances at December 31, 2020
Problem 5: Current Liabilities
Accounts receivable P30,000 ABC Company provided the following information on
Financial asset at FV through OCI 15,000 December 31, 2020:
Financial asset at FV through PL 20,000
Accumulated depreciation-equipment 10,000 Notes payable:
Cash 50,000 Trade ………………………………. P600,000
Merchandise Inventory 25,000 Bank loans…………………………. 150,000
Equipment 60,000 Advances from officers…………… 180,000
Patent 4,000 Accounts payable – trade……………………… 700,000
Accumulated Patent amortization 1,000 Bank overdraft…………………….………….. 120,000
Prepaid expenses 18,000 Stock Dividends payable……………………… 300,000
Land held for a currently undetermined use 100,000 Withholding tax payable……………………… 50,000
Allowance for doubtful accounts 5,000 Mortgage payable…………………………… 1,500,000
Income tax payable……………………………. 80,000
1. In December 31, 2020 statement of financial position, the Estimated warranties payable……………… 60,000
current assets total is P____________________ Provisions …………………………………… 70,000
Accrued liabilities…………………………… 95,000
2. In December 31, 2020 statement of financial position, the Gift certificates payable………………………… 100,000
noncurrent assets total is P____________________ Notes receivable discounted…………………… 200,000
Deferred tax liability 25,000
Problem 3: Current Assets The following are data of DEF
Corporation: Required: Compute the total current liabilities on December 31,
Cash on hand P 95,000 2020? P_________________
Cash in bank 100,000
Saving deposit 40,000
Notes receivable (P120,000 pledge) 200,000
Notes receivable discounted 50,000
Accounts receivable – unassigned 41,000
Accounts receivable – assigned 25,000
Allowance for doubtful accounts 5,000

Considering the above data, what is the amount of current

assets of DEF Corporation? P__________________

Jimmy I. Peru, MBM,MICB,CPA FINANCIAL STATEMENTS page 1

Problem 6: Statement of Financial Position. Prepare a
properly classified statement of financial position for ABC
Corporation from the following account balances as of
December 31, 2020.

Share Capital 8,000,000

Share Premium 1,800,000
Retained Earnings (Deficit) ?
Bonds payable 2,500,000
Employees income tax payable 20,000
Notes payable, payable on March 3, 2025 1,100,000
Accrued salaries expenses 30,000
Accrued interest on notes payable 10,000
Income tax payable 60,000
Allowance for doubtful accounts 50,000
Advances to customers 100,000
Accounts receivable 500,000
Accumulated depreciation – building 1,600,000
Land 2,600,000
Factory supplies 50,000
Notes receivable 150,000
Building 4,000,000
Cash 1,420,000
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 asset at fair value through P/L 250,000
Financial asset at fair value through OCI 200,000
Financial asset at amortized cost 150,000
Petty cash fund 40,000
Customers account with credit balance 50,000
Customers account with debit balance 50,000
Goodwill 100,000
Plant expansion fund 500,000
Accounts payable 1,300,000

a. What is the total current assets?

b. What is the total noncurrent assets?

c. What is the total current liabilities?

d. What is the total noncurrent liabilities?

e. What is the total shareholders’ equity on

December 31, 2020?

Jimmy I. Peru, MBM,MICB,CPA FINANCIAL STATEMENTS page 2