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    Picarra, Sherilyn - PROBLEM 8-4

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    Sherilyn Picarra
    The document provides the statement of financial position for Summa Company as of December 31, 2020. It includes current assets of ₱4.83 billion consisting of cash, bond sinking fund, receivables, inventory, and prepaid expenses. Noncurrent assets total ₱6.57 billion, including property and equipment, investment property, and intangible assets. Total assets are ₱11.4 billion. Current liabilities are ₱4.05 billion, comprised of payables and bonds payable. A noncurrent deferred tax liability of ₱650,000 and total equity of ₱6.7 billion complete the statement. Accompanying notes provide additional details on account balances

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    Picarra, Sherilyn - PROBLEM 8-4

    Uploaded by

    Sherilyn Picarra
    633 views2 pages
    The document provides the statement of financial position for Summa Company as of December 31, 2020. It includes current assets of ₱4.83 billion consisting of cash, bond sinking fund, receivables, inventory, and prepaid expenses. Noncurrent assets total ₱6.57 billion, including property and equipment, investment property, and intangible assets. Total assets are ₱11.4 billion. Current liabilities are ₱4.05 billion, comprised of payables and bonds payable. A noncurrent deferred tax liability of ₱650,000 and total equity of ₱6.7 billion complete the statement. Accompanying notes provide additional details on account balances

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    Picarra, Sherilyn- PROBLEM 8-4

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    The document provides the statement of financial position for Summa Company as of December 31, 2020. It includes current assets of ₱4.83 billion consisting of cash, bond sinking fund, receivables, inventory, and prepaid expenses. Noncurrent assets total ₱6.57 billion, including property and equipment, investment property, and intangible assets. Total assets are ₱11.4 billion. Current liabilities are ₱4.05 billion, comprised of payables and bonds payable. A noncurrent deferred tax liability of ₱650,000 and total equity of ₱6.7 billion complete the statement. Accompanying notes provide additional details on account balances

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    633 views2 pages

    Picarra, Sherilyn - PROBLEM 8-4

    Uploaded by

    Sherilyn Picarra
    The document provides the statement of financial position for Summa Company as of December 31, 2020. It includes current assets of ₱4.83 billion consisting of cash, bond sinking fund, receivables, inventory, and prepaid expenses. Noncurrent assets total ₱6.57 billion, including property and equipment, investment property, and intangible assets. Total assets are ₱11.4 billion. Current liabilities are ₱4.05 billion, comprised of payables and bonds payable. A noncurrent deferred tax liability of ₱650,000 and total equity of ₱6.7 billion complete the statement. Accompanying notes provide additional details on account balances

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    Name: Picarra, Sherilyn B.

    CFAS/FAR
    Yr. & Sec.: CBET 01-201P Prof. Felicitas C. Tuazon

    Required: Prepare a statement of financial position, presented and classified


    according to generally accepted accounting principles with appropriate notes.

    PROBLEM 8-4 (IAA)

    Summa Company
    Statement of Financial Position
    December 31, 2020

    A SS E TS

    Current assets: Note


    Cash (1) 700,000
    Bond sinking fund 2,000,000
    Trade and other receivables (2) 830,000
    Inventory 1,200,000
    Prepaid expenses 100,000
    Total current assets 4,830,000

    Noncurrent assets:
    Property, plant and equipment (3) 5,500,000
    Investment property 700,000
    Intangible asset (4) 370,000
    Total noncurrent assets 6,570,000
    Total assets 11,400,000

    LIABILITIES AND EQUITY

    Note
    Current liabilities:
    Trade and other payables (5) 2,050,000
    Bonds payable due June 30, 2009 2,000,000
    Total current liabilities 4,050,000
    Noncurrent liability:
    Deferred tax liability 650,000
    Equity:
    Share capital (6) 3,500,000
    Reserves (7) 500,000
    Retained earnings 2,700,000
    Total equity 6,700,000
    Total liabilities and equity 11,400,000

    Note 1 - Cash

    Cash on hand 50,000


    Cash in bank 650,000
    Total 700,000
    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

    Accum. Book
    Cost depr. 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 ( 500,000)
    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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