Antonio, Crystallhyn Joy P.

BSA 2 A
IA-III
Problem 1 – Income Statement and Related Information

REQUIRED: Prepare a statement of comprehensive income.

Gold Company
Statement of Comprehensive Income
As of December 31, 2021
Sales Revenue 2,700,000.00
Less: Cost of Goods Sold 1,150,000.00
Gross Profit 1,550,000.00
Less: Operating Expenses
Selling and Administrative Expenses 480,000.00
Income from Operation 1,070,000.00
Other Income ( Expenses)
Interest Revenue 15,000.00
Loss from Disposal of PPE (45,000.00)
Gain from Early Estinguishment of Debts 28,000.00
Effect of Change of Estimated Useful Life of Assest 35,000.00
Loss From Earthquakes (30,000.00)
Gain on Disposal of Discontinued Operation 50,000.00
Unrealized Loss of Non-trading Securities (17,143.00) 35,857.00
Profit Before Tax 1,105,857.00
Less: Income Tax Expense (1,105,867×0.30) 331,757.00
Net Profit 774,100.00

Problem 2 – Statement of Financial Position and Statement of Cash Flows

REQUIRED:
a. Prepare a statement of financial position as of December 31, 2021
Albedo Corporation
Statement of Financial Position
December 31, 2021

Assets
Long-term investments
Property, plant and equipment
Land
Buildings(144,000+ 32,400)
Less: Accumulated Depreciation-Buildings(36,000+4,800)
Equipment(108,000-24,000)
Less:Accumulated Depreciation equipment(13,200-9,600+10,800)
Total
Intangible assets-patents(48,000-3,000)
Current Assets (282,000+34,800+39,000)
Total Assets

Equity and Liabilities

Equity
Share capital-ordinary
Retained Earnings(52,800+66,000-36,000)
 Total
Less: Cost of treasury shares
Total Equity

Liabilities
Non-current Liabilities
Bonds Payable(120,000+60,000)
Current Liabilities(180,000+15,600)
Total Liabilities
Total Equity and Liabilities

b. Prepare a statement of cash flows for the period ended December 31, 2021
Albedo Corporation
Statement of Cash Flows
For the year ended December 31, 2021

Cash flows from operating activities

Net Income
Adjustments:
Loss on sale of equipment 2,400
Depreciation Expense 15,600
Patent Amortization 3,000
Increase in current liabilities 15,600
Increase in cureent assets (other than cash) (34,800)
Net cash provided by operating activities

Cash flows from investing activities

Sale of equipment 12,000
Addition to building (32,400)
Investment in shares (19,200)
Net cash used by investing activities

Cash flows from financing activities

Issuance of bonds 60,000
Payment of dividends (36,000)
Purchase of treasury shares (13,200)
Net cash provided by financing activities
NET INCREASE IN CASH
 ₱ 19,200

₱ 36,000
₱ 176,000
40,800 135,600
84,000
14,400 69,000
241,200
45,000
355,000
₱ 661,200

216,000
82,800
 298,800
(13,200)
285,600

180,000
195,600
375,600
661,200

66,000

1,800
67,800

(39,600)

10,800
39,000