1. Case: The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2017. All adjusting entries have been made. Property, plant and equipment, P500,000; biological assets, P200,000; Goodwill on combination, P300,000; Identifiable intangible assets, P150,000; Investment property, P200,000; Investment in associates, P200,000; Available for sale investments, P100,000; Inventories P200,000; Trade and other receivables, P300,000; Financial assets at fair value through profit or loss, P150,000; Cash and cash equivalents, P100,000; Share capital P800,000; Other reserves, P300,000; Retained profits, P250,000; Non-controlling interest, P250,000; Long-term borrowings, P200,000; Deferred tax, P50,000; Long-term provisions, P100,000; Trade and other payables, P200,000; Short-term borrowings, P50,000; Current portion of long-term borowngs, P30,000; Curent tax payable, P150,000 and Short-term provisions, P20,000. 1.1. The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2017. All adjusting entries have been made. Property, plant and equipment, P500,000; biological assets, P200,000; Goodwill on combination, P300,000; Identifiable intangible assets, P150,000; Investment property, P200,000; Investment in associates, P200,000; Available for sale investments, P100,000; Inventories P200,000; Trade and other receivables, P300,000; Financial assets at fair value through profit or loss, P150,000; Cash and cash equivalents, P100,000; Share capital P800,000; Other reserves, P300,000; Retained profits, P250,000; Non-controlling interest, P250,000; Long-term borrowings, P200,000; Deferred tax, P50,000; Long-term provisions, P100,000; Trade and other payables, P200,000; Short-term borrowhings, P50,000; Current portion of long-term borowngs, P30,000; Curent tax payable, P150,000 and Short-term provisions, P20,000. Question 1: How much should be the amount of current asset on, Clown's December 31, 2017 balance sheet? P700,000 P600,000 P750,000 Answer not given 650,000 1.2. The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2017. All adjusting entries have been made. Property, plant and equipment, P500,000; biological assets, P200,000; Goodwill on combination, P300,000; Identifiable intangible assets, P150,000; Investment property, P200,000; Investment in associates, P200,000; Available for sale investments, P100,000; Inventories P200,000; Trade and other receivables, P300,000; Financial assets at fair value through profit or loss, P150,000; Cash and cash equivalents, P100,000; Share capital P800,000; Other reserves, P300,000; Retained profits, P250,000; Non-controlling interest, P250,000; Long-term borrowings, P200,000; Deferred tax, P50,000; Long-term provisions, P100,000; Trade and other payables, P200,000; Short-term borrowhings, P50,000; Current portion of long-term borowngs, P30,000; Curent tax payable, P150,000 and Short-term provisions, P20,000. Question 2: How much should be the amount of current liabilities, to be reported in the December 31, 2017 balance sheet of Clown Company? P450,000 P430,000 P470,000 Answer not given P420,000 1.3. The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2017. All adjusting entries have been made. Property, plant and equipment, P500,000; biological assets, P200,000; Goodwill on combination, P300,000; Identifiable intangible assets, P150,000; Investment property, P200,000; Investment in associates, P200,000; Available for sale investments, P100,000; Inventories P200,000; Trade and other receivables, P300,000; Financial assets at fair value through profit or loss, P150,000; Cash and cash equivalents, P100,000; Share capital P800,000; Other reserves, P300,000; Retained profits, P250,000; Non-controlling interest, P250,000; Long-term borrowings, P200,000; Deferred tax, P50,000; Long-term provisions, P100,000; Trade and other payables, P200,000; Short-term borrowhings, P50,000; Current portion of long-term borowngs, P30,000; Curent tax payable, P150,000 and Short-term provisions, P20,000. Question 3: How much should be shown as total equity and liabilities of Clown Company as of Dec. 31, 2017? P2,400,000 P2,300,000 P2,000,000 P2,250,000

1. Case: The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2017. All adjusting entries have been made. Property, plant and equipment, P500,000; biological assets, P200,000; Goodwill on combination, P300,000; Identifiable intangible assets, P150,000; Investment property, P200,000; Investment in associates, P200,000; Available for sale investments, P100,000; Inventories P200,000; Trade and other receivables, P300,000; Financial assets at fair value through profit or loss, P150,000; Cash and cash equivalents, P100,000; Share capital P800,000; Other reserves, P300,000; Retained profits, P250,000; Non-controlling interest, P250,000; Long-term borrowings, P200,000; Deferred tax, P50,000; Long-term provisions, P100,000; Trade and other payables, P200,000; Short-term borrowings, P50,000; Current portion of long-term borowngs, P30,000; Curent tax payable, P150,000 and Short-term provisions, P20,000. 1.1. The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2017. All adjusting entries have been made. Property, plant and equipment, P500,000; biological assets, P200,000; Goodwill on combination, P300,000; Identifiable intangible assets, P150,000; Investment property, P200,000; Investment in associates, P200,000; Available for sale investments, P100,000; Inventories P200,000; Trade and other receivables, P300,000; Financial assets at fair value through profit or loss, P150,000; Cash and cash equivalents, P100,000; Share capital P800,000; Other reserves, P300,000; Retained profits, P250,000; Non-controlling interest, P250,000; Long-term borrowings, P200,000; Deferred tax, P50,000; Long-term provisions, P100,000; Trade and other payables, P200,000; Short-term borrowhings, P50,000; Current portion of long-term borowngs, P30,000; Curent tax payable, P150,000 and Short-term provisions, P20,000. Question 1: How much should be the amount of current asset on, Clown's December 31, 2017 balance sheet? P700,000 P600,000 P750,000 Answer not given 650,000 1.2. The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2017. All adjusting entries have been made. Property, plant and equipment, P500,000; biological assets, P200,000; Goodwill on combination, P300,000; Identifiable intangible assets, P150,000; Investment property, P200,000; Investment in associates, P200,000; Available for sale investments, P100,000; Inventories P200,000; Trade and other receivables, P300,000; Financial assets at fair value through profit or loss, P150,000; Cash and cash equivalents, P100,000; Share capital P800,000; Other reserves, P300,000; Retained profits, P250,000; Non-controlling interest, P250,000; Long-term borrowings, P200,000; Deferred tax, P50,000; Long-term provisions, P100,000; Trade and other payables, P200,000; Short-term borrowhings, P50,000; Current portion of long-term borowngs, P30,000; Curent tax payable, P150,000 and Short-term provisions, P20,000. Question 2: How much should be the amount of current liabilities, to be reported in the December 31, 2017 balance sheet of Clown Company? P450,000 P430,000 P470,000 Answer not given P420,000 1.3. The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2017. All adjusting entries have been made. Property, plant and equipment, P500,000; biological assets, P200,000; Goodwill on combination, P300,000; Identifiable intangible assets, P150,000; Investment property, P200,000; Investment in associates, P200,000; Available for sale investments, P100,000; Inventories P200,000; Trade and other receivables, P300,000; Financial assets at fair value through profit or loss, P150,000; Cash and cash equivalents, P100,000; Share capital P800,000; Other reserves, P300,000; Retained profits, P250,000; Non-controlling interest, P250,000; Long-term borrowings, P200,000; Deferred tax, P50,000; Long-term provisions, P100,000; Trade and other payables, P200,000; Short-term borrowhings, P50,000; Current portion of long-term borowngs, P30,000; Curent tax payable, P150,000 and Short-term provisions, P20,000. Question 3: How much should be shown as total equity and liabilities of Clown Company as of Dec. 31, 2017? P2,400,000 P2,300,000 P2,000,000 P2,250,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...

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1. Case:

The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2017. All adjusting entries have been made.

Property, plant and equipment, P500,000; biological assets, P200,000; Goodwill on combination, P300,000; Identifiable intangible assets, P150,000; Investment property, P200,000; Investment in associates, P200,000; Available for sale investments, P100,000; Inventories P200,000; Trade and other receivables, P300,000; Financial assets at fair value through profit or loss, P150,000; Cash and cash equivalents, P100,000; Share capital P800,000; Other reserves, P300,000; Retained profits, P250,000; Non-controlling interest, P250,000; Long-term borrowings, P200,000; Deferred tax, P50,000; Long-term provisions, P100,000; Trade and other payables, P200,000; Short-term borrowings, P50,000; Current portion of long-term borowngs, P30,000; Curent tax payable, P150,000 and Short-term provisions, P20,000.

1.1.

The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2017. All adjusting entries have been made.

Property, plant and equipment, P500,000; biological assets, P200,000; Goodwill on combination, P300,000; Identifiable intangible assets, P150,000; Investment property, P200,000; Investment in associates, P200,000; Available for sale investments, P100,000; Inventories P200,000; Trade and other receivables, P300,000; Financial assets at fair value through profit or loss, P150,000; Cash and cash equivalents, P100,000; Share capital P800,000; Other reserves, P300,000; Retained profits, P250,000; Non-controlling interest, P250,000; Long-term borrowings, P200,000; Deferred tax, P50,000; Long-term provisions, P100,000; Trade and other payables, P200,000; Short-term borrowhings, P50,000; Current portion of long-term borowngs, P30,000; Curent tax payable, P150,000 and Short-term provisions, P20,000.

Question 1: How much should be the amount of current asset on, Clown's December 31, 2017 balance sheet?

P700,000

P600,000

P750,000

Answer not given

650,000

1.2.

The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2017. All adjusting entries have been made.

Property, plant and equipment, P500,000; biological assets, P200,000; Goodwill on combination, P300,000; Identifiable intangible assets, P150,000; Investment property, P200,000; Investment in associates, P200,000; Available for sale investments, P100,000; Inventories P200,000; Trade and other receivables, P300,000; Financial assets at fair value through profit or loss, P150,000; Cash and cash equivalents, P100,000; Share capital P800,000; Other reserves, P300,000; Retained profits, P250,000; Non-controlling interest, P250,000; Long-term borrowings, P200,000; Deferred tax, P50,000; Long-term provisions, P100,000; Trade and other payables, P200,000; Short-term borrowhings, P50,000; Current portion of long-term borowngs, P30,000; Curent tax payable, P150,000 and Short-term provisions, P20,000.

Question 2: How much should be the amount of current liabilities, to be reported in the December 31, 2017 balance sheet of Clown Company?

P450,000

P430,000

P470,000

Answer not given

P420,000

1.3.

The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2017. All adjusting entries have been made.

Property, plant and equipment, P500,000; biological assets, P200,000; Goodwill on combination, P300,000; Identifiable intangible assets, P150,000; Investment property, P200,000; Investment in associates, P200,000; Available for sale investments, P100,000; Inventories P200,000; Trade and other receivables, P300,000; Financial assets at fair value through profit or loss, P150,000; Cash and cash equivalents, P100,000; Share capital P800,000; Other reserves, P300,000; Retained profits, P250,000; Non-controlling interest, P250,000; Long-term borrowings, P200,000; Deferred tax, P50,000; Long-term provisions, P100,000; Trade and other payables, P200,000; Short-term borrowhings, P50,000; Current portion of long-term borowngs, P30,000; Curent tax payable, P150,000 and Short-term provisions, P20,000.

Question 3: How much should be shown as total equity and liabilities of Clown Company as of Dec. 31, 2017?

P2,400,000

P2,300,000

P2,000,000

P2,250,000

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