Professional Documents
Culture Documents
1. On October 15, 2024, MM Company, a Philippine company, ordered merchandise from AA Company, a company
based in HK, for 31,800 HK dollars. The merchandise was delivered on Dec. 18, 2024. The invoice was dated Dec. 2, 2024,
the shipping date, FOB shipping point. MM paid the invoice on January 28, 2025.
2. On June 26, 2024, MM Company, a Philippine company, sold goods on account to BB Company, a British company, for
50, 320 pounds. The date of invoice is Oct. 29, 2024 and payment is due on January 30, 2025.
Exchange rates were as follows:
June 26, 2024 ₱67.50
Oct. 29, 2024 68.70
Dec. 31, 2024 64.10
Jan. 30, 2025 62.40
3. MM Corp. owns a subsidiary in Singapore whose SFP in Singapore dollar for the last 2 years follow:
Dec. 31, 2024 Dec. 31, 2025
ASSETS (in Singapore $)
Cash and cash equivalents 90,000 75,000
AR 367,500 442,500
Inventory 480,000 510,000
PPE net 765,000 690,000
Total Assets 1,702,500 1,717,500
Liabilities and Equities (in Singapore $)
AP 165,000 225,000
Long-term debt 967,500 855,000
Common Stock 345,000 345,000
RE 225,000 292,500
Total Liabilities & Equities 1,702,500 1,717,500