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Financial Position for Investors

The statement of financial position of Evening Co. as of December 31, 20x1 shows total assets of P10,930,000 consisting of current assets of P3,070,000 and noncurrent assets of P7,860,000. Total liabilities are P3,110,000 in current liabilities and P1,700,000 in noncurrent liabilities. Shareholders' equity is P6,120,000 consisting of share capital, reserves, retained earnings, and other components of equity. Various notes provide additional details on items in the statement.

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Resty Villaroel
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96 views3 pages

Financial Position for Investors

The statement of financial position of Evening Co. as of December 31, 20x1 shows total assets of P10,930,000 consisting of current assets of P3,070,000 and noncurrent assets of P7,860,000. Total liabilities are P3,110,000 in current liabilities and P1,700,000 in noncurrent liabilities. Shareholders' equity is P6,120,000 consisting of share capital, reserves, retained earnings, and other components of equity. Various notes provide additional details on items in the statement.

Uploaded by

Resty Villaroel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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PROBLEM 3: EXERCISE pg.

41

Evening Co.
Statement of Financial Position
As of Dcember 31, 20x1
(amounts in Philippine Pesos)

ASSETS

Notes

Current assets
Cash and cash equivalents 6 P 1,100,000
Trade and other receivables 7 1,770,000
Inventories 200,000
Total current assets P 3,070,000

Noncurrent assets
Property, plant and equipment 8 4,400,000
Long-term investments 900,000
Intangible assets 9 560,000
Biological assets 1,200,000
Other noncurrent assets 10 800,000 7,860,000

Total noncurrent assets P 10,930,000

Total assets

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities
Trade and other payables 11 P 2,680,000
Provisions 430,000
Total current liabilities P 3,110,000

Noncurrent liabilities
Accrued benefit cost 12 1,700,000

Shareholders’ equity
Share capital 13 P 3,900,000
Reserves 14 1,160,000
Retained earnings 1,030,000
Other components of equity 30,000
Total shareholder’s equity 6,120,000

Total liabilities and shareholder’s equity P 10,930,000


Note 6 - Cash and cash equivalents
Cash on hand P 120,000
Cash in bank 980,000
Total cash and cash equivalents P 1,100,000

Note 7 - Trade and other receivables


Accounts receivable P 2,000,000
Allowance for doubtful accounts (300,000)
Advances to employee 40,000
Advances to suppliers 30,000
Total trade and other receivables P 1,770,000

Note 8 - Property, plant and equipment


Land P 1,200,000
Building 4,800,00
Accumulated depreciation - Bldg. (1,600,000)
Total property, plant and equipment P 4,400,000

Note 9 - Intangible assets


Patent P 440,000
Accumulated amortization - Patent (80,000)
Web site costs 250,000
Accumulated amortization - Web site (50,000)
Total intangible assets P 560,000

Note 10 - Other noncurrent assets


Advances to officers (due in 20x3) P 130,000
Advances to affiliates (no agreed due date) 670,000
Total other noncurrent assets P 800,000

Note 11 - Trade and other payables


Accounts payable P 720,000
Utilities payables 80,000
Loans payable (short-term bank loan) 2,500,000
Discount on loan payable (740,000)
Deposit liability for returnable containers (short-term) 120,000
Total trade and other payables P 2,680,000

Note 12 - Accrued benefit cost


Present value of defined benefit obligation P 2,700,000
Fair value of plan assets 1,000,000
Total accrued benefit cost P 1,700,000

Note 13 - Share Capital


Ordinary share capital P 4,000,000
Treasury shares (100,000)
Total share capital P 3,900,000

Note 14 - Reserves
Share premium P 600,000
Share premium - share warrants outstanding 300,000
Share premium - treasury shares 70,000
Reserves for contingencies 190,000
Total reserves P 1,160,000

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