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  • Laboratory Exercise 2 - Intermediate Accounting 3

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    Zeniah Louise
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    This document provides a trial balance for Rudy Corporation as of September 30, 2X20 to analyze in a laboratory exercise on statements of financial position for small and medium-sized entities. The objectives are for students to analyze the components of a statement of financial position for an SME. The trial balance includes accounts for cash, accounts receivable, inventory, property and equipment, accounts payable and accrued liabilities, income tax payable, deferred tax liability, share capital, share premium, retained earnings, sales and other revenue, costs and expenses, and income tax expense.

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    This document provides a trial balance for Rudy Corporation as of September 30, 2X20 to analyze in a laboratory exercise on statements of financial position for small and medium-sized entities. The objectives are for students to analyze the components of a statement of financial position for an SME. The trial balance includes accounts for cash, accounts receivable, inventory, property and equipment, accounts payable and accrued liabilities, income tax payable, deferred tax liability, share capital, share premium, retained earnings, sales and other revenue, costs and expenses, and income tax expense.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    285 views2 pages

    Laboratory Exercise 2 - Intermediate Accounting 3

    Uploaded by

    Zeniah Louise
    This document provides a trial balance for Rudy Corporation as of September 30, 2X20 to analyze in a laboratory exercise on statements of financial position for small and medium-sized entities. The objectives are for students to analyze the components of a statement of financial position for an SME. The trial balance includes accounts for cash, accounts receivable, inventory, property and equipment, accounts payable and accrued liabilities, income tax payable, deferred tax liability, share capital, share premium, retained earnings, sales and other revenue, costs and expenses, and income tax expense.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 2

    Laboratory Exercise

    Statement of financial position for Small and


    Medium-Sized Entity (SME)

    Objectives:

    At the end of the exercise, the students should be able to:

     Analyze the components of the statement of financial position for Small and Medium-Sized Entity (SME)

    Equipment:

     Computer
     MS Excel

    Rudy Corporation provided the following trial balance on September 30, 2X20, which had been adjusted, except for income
    tax expense:

    Cash 675,000
    Accounts receivable (net) 2,695,000
    Inventory 2,185,000
    Property, plant, and equipment (net) 10,245,000
    Accounts payable and accrued liabilities 1,800,000
    Income tax payable 1,500,000
    Deferred tax liability 750,000
    Share capital 2,500,000
    Share premium 3,000,000
    Retained earnings, January 1 3,350,000
    Net sales and other revenue 15,000,000
    Cost and expenses 10,000,000
    Income tax expense 2,100,000
    27,900,000 27,900,000

    The accounts receivable included P1,000,000 due from customers and payable in quarterly installments of P125,000. The
    last payment is due September 30, 2X22. During the year, the estimated tax payment of P600,000 was charged to income
    tax expense. The income tax rate is 30% on all types of income.

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