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    Exercise No.3 (Acctg 7) - Tan

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    Faith Reyna Tan
    The document is the statement of financial position of Socorro Company as of December 31, 2020. It shows total assets of P8.7 million, consisting of current assets of P2.35 million and noncurrent assets of P6.35 million. Total liabilities are P1.6 million, comprising current liabilities of P850,000 and noncurrent liabilities of P750,000. Total shareholder's equity is P7.1 million. A number of notes provide additional details on items in the statement.

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    Exercise No.3 (Acctg 7) - Tan

    Uploaded by

    Faith Reyna Tan
    37 views2 pages
    The document is the statement of financial position of Socorro Company as of December 31, 2020. It shows total assets of P8.7 million, consisting of current assets of P2.35 million and noncurrent assets of P6.35 million. Total liabilities are P1.6 million, comprising current liabilities of P850,000 and noncurrent liabilities of P750,000. Total shareholder's equity is P7.1 million. A number of notes provide additional details on items in the statement.

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    Exercise No.3 (Acctg 7)_Tan

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    The document is the statement of financial position of Socorro Company as of December 31, 2020. It shows total assets of P8.7 million, consisting of current assets of P2.35 million and noncurrent assets of P6.35 million. Total liabilities are P1.6 million, comprising current liabilities of P850,000 and noncurrent liabilities of P750,000. Total shareholder's equity is P7.1 million. A number of notes provide additional details on items in the statement.

    Copyright:

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

    Exercise No.3 (Acctg 7) - Tan

    Uploaded by

    Faith Reyna Tan
    The document is the statement of financial position of Socorro Company as of December 31, 2020. It shows total assets of P8.7 million, consisting of current assets of P2.35 million and noncurrent assets of P6.35 million. Total liabilities are P1.6 million, comprising current liabilities of P850,000 and noncurrent liabilities of P750,000. Total shareholder's equity is P7.1 million. A number of notes provide additional details on items in the statement.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Ma. Faith R.

    Tan March 15, 2021

    BS-2A | Acctg 7

    Exercise no. 3

    SOCORRO COMPANY
    Statement of Financial Position
    December 31, 2020

    ASSETS

    Note

    Current assets:

    Cash and cash equivalents (1) P 700 000


    Trade and other receivables (2) 700 000
    Inventories 600 000
    Store supplies 50 000
    Restricted cash 300 000

    Total current assets P 2 350 000

    Noncurrent assets:

    Property, plant and equipment (3) 4 150 000


    Long-term investments (4) 1 500 000
    Intangible assets (5) 550 000
    Advances to officers 150 000

    Total noncurrent assets 6 350 000

    Total assets P 8 700 000

    LIABILITIES AND SHAREHOLDER’S EQUITY

    Current liabilities:

    Trade and other payables (8) 750 000


    Current portion of long-term debt 100 000

    Total current liabilities 850 000

    Noncurrent liabilities:

    Serial bonds 400 000


    Unearned income 350 000

    Total noncurrent liabilities 750 000

    Shareholder’s equity

    Share capital (7) 5 150 000


    Reserves (8) 1 050 000
    Retained earnings (9) 1 200 000
    Treasury shares ( 300 000)

    Total shareholder’s equity 7 100 000

    Total liabilities and shareholder’s equity P 8 700 000


    Note 1 – Cash and cash equivalents

    Cash P 500 000


    Money market 200 000

    Total cash and cash equivalents P 700 000

    Note 2 – Trade and other receivables

    Accounts receivable P 750 000


    Allowance for doubtful accounts ( 50 000)

    Total trade and other receivables P 700 000

    Note 3 – Property, plant and equipment

    Building P 3 500 000


    Equipment 1 000 000
    Land 400 000
    Total 4 900 000
    Accumulated Depreciation:
    Building P 500 000
    Equipment 250 000 ( 750 000)

    Carrying Amount P 4 150 000

    Note 4 – Long-term investments

    Land held for undetermined use P 500 000


    Financial assets at amortized cost 1 000 000

    Total long-term investments P 1 500 000

    Note 5 – Intangible assets

    Trademark P 300 000


    Patent 250 000

    Total intangible assets P 550 000

    Note 6 – Trade and other payables

    Accounts payable P 500 000


    Income tax payable 150 000
    Note payable 100 000

    Total trade and other payables P 750 000

    Note 7 – Share Capital

    Share capital, P 100 par P 5 000 000


    Stock dividend payable 150 000

    Total share capital P 5 150 000

    Note 8 – Reserves

    Retained earnings, treasury P 300 000


    Share premium 250 000
    Retained earnings, plant expansion 500 000

    Total reserves P 1 050 000

    Note 9 – Retained earnings

    Retained earnings, beginning P 1 500 000


    Retained earnings, treasury ( 300 000)

    Retained earnings, ending P 1 200 000

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