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    Mint Company SFP PDF

    Uploaded by

    Rengeline Lucas
    Mint Company provided year-end account balances for 2019, including cash, accounts receivable, long-term contracts, prepaid taxes, property and equipment, note payable, share capital, retained earnings, and earnings from long-term contracts. All receivables on long-term contracts are considered collectible within 12 months. The document also provides the company's tax rate and calculations for total retained earnings, current assets, noncurrent liabilities, and shareholders' equity.

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    Mint Company SFP PDF

    Uploaded by

    Rengeline Lucas
    653 views3 pages
    Mint Company provided year-end account balances for 2019, including cash, accounts receivable, long-term contracts, prepaid taxes, property and equipment, note payable, share capital, retained earnings, and earnings from long-term contracts. All receivables on long-term contracts are considered collectible within 12 months. The document also provides the company's tax rate and calculations for total retained earnings, current assets, noncurrent liabilities, and shareholders' equity.

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    Mint_Company___SFP.pdf

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    Mint Company provided year-end account balances for 2019, including cash, accounts receivable, long-term contracts, prepaid taxes, property and equipment, note payable, share capital, retained earnings, and earnings from long-term contracts. All receivables on long-term contracts are considered collectible within 12 months. The document also provides the company's tax rate and calculations for total retained earnings, current assets, noncurrent liabilities, and shareholders' equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    653 views3 pages

    Mint Company SFP PDF

    Uploaded by

    Rengeline Lucas
    Mint Company provided year-end account balances for 2019, including cash, accounts receivable, long-term contracts, prepaid taxes, property and equipment, note payable, share capital, retained earnings, and earnings from long-term contracts. All receivables on long-term contracts are considered collectible within 12 months. The document also provides the company's tax rate and calculations for total retained earnings, current assets, noncurrent liabilities, and shareholders' equity.

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    Mint Company provided the following account balances on December 31, 2019 which

    had been adjusted except for income tax expense:

    Cash 600,0000
    Accounts receivable, net 3,500,000
    Cost in excess of billings on long-term contracts 1,600,000
    Billing in excess of cost on long-term contracts 700,000
    Prepaid taxes 450,000
    Property, plant and equipment, net 1,510,000
    Note payable – noncurrent 1,620,000
    Share capital 750,000
    Share premium 2,030,000
    Retained earnings unappropriated 900,000
    Retained earnings restricted for note payable 160,000
    Earnings from long-term contracts 6,680,000
    Costs and expenses 5,180,000

    All receivables on long-term contracts are considered to be collectible within 12 months.

    During the year, estimated tax payments of P450,000 were charged to prepaid taxes. The
    entity has not recorded income tax expenses. The tax rate is 30%.

    On December 31, 2019, what amount should be reported as

    1. Total retained earnings?

    a. 1,950,000
    b. 2,110,000
    c. 2,400,000
    d. 2,560,000

    Answer: b

    Earnings from long-term contracts 6,680,000


    Costs and expenses 5,180,000
    Income before income tax 1,500,000
    Less: income tax (30% x 1,500,000) 450,000
    Net income 1,050,000
    Retained earnings unappropriated 900,000
    Retained earnings restricted 160,000
    Total retained earnings 2,110,000

    This study source was downloaded by 100000845941952 from CourseHero.com on 05-13-2022 09:25:34 GMT -05:00

    https://www.coursehero.com/file/86052023/Mint-Company-SFPpdf/
    2. Total noncurrent liabilities?

    a. 1,620,000
    b. 1,780,000
    c. 2,320,000
    d. 2,480,000

    Answer: a

    Note payable- noncurrent 1,620,000

    3. Total current assets?

    a. 5,000,000
    b. 4,100,000
    c. 5,700,000
    d. 6,150,000

    Answer: c

    Cash 600,000
    Accounts receivable 3,500,000
    Cost in excess of billings 1,600,000
    Total current assets 5,700,000

    4. Total shareholders’ equity?

    a. 2,940,000
    b. 2,780,000
    c. 4,890,000
    d. 4,730,000

    Answer: c

    Total retained earnings 2,110,000


    Share capital 750,000
    Share premium 2,030,000
    Shareholders’ equity 4,890,000

    This study source was downloaded by 100000845941952 from CourseHero.com on 05-13-2022 09:25:34 GMT -05:00

    https://www.coursehero.com/file/86052023/Mint-Company-SFPpdf/
    This study source was downloaded by 100000845941952 from CourseHero.com on 05-13-2022 09:25:34 GMT -05:00

    https://www.coursehero.com/file/86052023/Mint-Company-SFPpdf/
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