Professional Documents
Culture Documents
Inventory 4,000,000
Allowance for doubtful accounts 100,000
18,000,000
Equity of assignee in accounts receivable assigned 500,000
Inventory, including P600, 000 costs of goods in
transit purchased FOB destination. The goods
were received on January 3, 2018 2,800,000 Trade accounts receivable 5,000,000
What total amount of current assets should be reported on Allowance for doubtful accounts (500,000)
Dec. 31, 2017? Selling price for A company’s unsold goods
sent to Other Company on Consignment at
D. The Entity reported the following current assets 150% of cost and excluded from A
on Dec. 31, 2017 Company’s ending Inventory 3,000,000
Estimated expenses in redeeming prize coupons 600,000 1. What total amount should be reported as current
assets?
What total amount should be reported as current liabilities? 2. What total amount should be reported as current
liabilities?
G. The entity reported the following liability 3. What total amount should be reported as
balances on Dec. 31, 2017 shareholder’s equity?
10% notes payable issued on Oct. 1, 2016
maturing Oct. 1, 2018 2,000,000
12% notes payable issued on march 1, 2016 I.The entity provided the following account balances on
maturing on march 1, 2018 4,000,000 December 31, 2017 which had been adjusted except for
The 2017 financial statements were issued on March 31, income tax expense:
2018. The entity has discretion to refinance the 10% note
payable for at least twelve months after December 31, Cash 600,000
2017.
On December 31, 2017, the entire P4, 000, 000 balance of Accounts receivable, net 3,500,000
the 12% note payable was refinance on a long-term basis. Cost in excess of billing on long-term
contracts 1,600,000
What amount of the notes payable should be classified as
Billings in excess of cost on long-term
noncurrent on December 31, 2017?
contracts 700,000
H. The Entity provided the following trial balance
Prepaid taxes 450,000
on June 30, 2017:
Property, plant and equipment, net 1,510,000
Cash Overdraft 100,000
Notes payable-noncurrent 1,620,000
Accounts receivable 350,000
Share capital 750,000
Inventory 580,000
Share premium 2,030,000
Prepaid expenses 120,000
Retained earnings un appropriated 900,000
Land held for sale 1,000,000
Retained earnings restricted for notes
Property, plant and
payable 160,000
equipment, net 950,000
Earnings from long-term contracts 6,680,000
Accounts payable 200,000
Cost and expenses
5,180,000
Cash 3,200,000
Inventory 2,000,000
8,500,000
3,200,000