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    Rhoda Claire M. Gansobin

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    8 4

    Uploaded by

    Rhoda Claire M. Gansobin
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    Copyright:

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    3K views2 pages

    8 4

    Uploaded by

    Rhoda Claire M. Gansobin

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    © All Rights Reserved
    Download as PDF or read online from Scribd
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    Problem 5-8 Summa Company ‘Statement of Financial Position December 31, 2015 ASSETS Current assets: Note Cash oO Bond sinking fund Trade and other receivables @ Inventory Prepaid expenses ‘Total current assets Noncurrent assets: Property, plant and equipment @) Investment property Intangible asset ® Total noncurrent assets Total assets LIABILITIES AND EQUITY Note Current liabilities: ‘Trade and other payables ) Bonds payable due June 30, 2016 Total current liabilities Noncurrent liability: Deferred tax liability Equity: Share capital (6) Reserves oO Retained earnings Total equity Total liabilities and equity 700,000 2,000,000 830,000 1,200,000 100,000 5,500,000 700,000 370,000 2,050,000 2,000,000 3,500,000 500,000 2,200,000 13 4,830,000 6,570,000, 11,400,000 4,050,000 650,000 14 Note 1 - Cash Cash on hand 50,000 Cash in bank 650,000 200,000 Note 2 - Trade and other receivables Accounts receivable 650,000 Allowance for doubtful accounts 50,000) Notes receivable 200,000 Accrued interest receivable 30,000 Total 830,000 Note 3 - Property, plant and equipment Cost Accum. depr. Book value Land 1,000,000 : 1,000,000 Building 5,500,000 2,500,000 3,000,000 Furniture and equipment 2,400,000 900,000 1,500,000 Total 8,900,000 3,400,000 5,500,000 Note 4 - Intangible asset Patent 370,000 Note 5 - Trade and other payables Accounts payable 1,000,000 Notes payable 850,000 Accrued taxes 50,000 Other accrued liabilities 150,000 Total 2,050,000 Note 6 - Share capital Authorized share capital, 50,000 shares, P100 par 5,000,000 Unissued share capital (2,000,000) Issued share capital 3,000,000 Subscribed share capital, 10,000 shares 1,000,000 Subscription receivable (800,000) 800,000 Paid in capital 3,500,000 Note 7 - Reserves Share premium 300,000 Retained earnings appropriated for contingencies 200,000 Total 500,000

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