D8. A corporation accounting records provided the following information: 12/31/2008 12/31/2009 Current assets 240,000 2 Non-current assets 1,600,000 1,500,000 Current Liabilities ? 130,000 Non-current liabilities 580,000 2 All assets and liabilities of the company are reported in the schedule above. Working capital of 92,000 remained unchanged from 2008 to 2009. Net income in 2009 was P88,000. No dividends were declared during 2009 and there were no other changes in equity, total non-current liabilities at Dec 31, 2009 would be a. 616,000 b. 392,000 c. 568,000 d. 480,000 D6. The following information was taken from Basilan Co. accounting records for the year ended Dec 34, 2009. Sales 10,000,000 Decrease in goods in process inventory 200,000 Decrease in raw material inventory 350,000Increase in finished goods inventory 500,000 Raw materials purchased 2,100,000 Direct labour payroll 1,000,000 Factory overhead 800,000 Selling expenses 300,000 Freight out 900,000 General and administrative expense 1,600,000 Basilan's profit before tax is a. 3,550,000 b. 4,250,000 c. 3,250,000 d. 4,150,000 DS5. In 2008, Fred Company had the following financial data Cash Revenue P8,000,000 Cash expense 4,000,000 Depreciation expense 2,000,000 Income before tax 2,000,000 Income tax expense 500,000 Net income 1,500,000 At the beginning of 2009, the company purchased additional assets at a cost of P5,000,000 on cash basis. Each year, these assets provide additional cash revenue of P5,000,000 and incur cash expenses of P2,000,000. The assets have a 10-year life and the company uses the straight line depreciation for all assets. The existing assets produced the same cash revenue and incur the same ‘expenses as in 2008. Assume income tax is paid every April 15 for each year. The net cash inflows from the operating activities in 2009 should be a. 13,000,000 b. 12,500,000 . 7,000,000 4. 6,500,000 D4, August 1, 2008, Blue Corporation’s P6,000,000 one-year, non-interest bearing note due July 31, 2009, was discounted at red Bank at 10.17%. Blue uses the straight line method of amortizing discount. What should Red report for note payable in its Dec 31, 2006 balance sheet? a. 6,000,000 b. 5,949,150 ¢. 5,389,800 d. None