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Balance Sheet Accounts (December 31) 2019 2020 Cash 283,000 1,000,000 P 150,000 850,000 P Marketable Securities 1,000,000 500,000 500,000 500,000 1,500,000 Accounts Receivable, net 500,000 750,000 500,000 550,000 1,700,000 Inventories Land Building, net Machinery and Equipment, net Goodwill 400,000 100,000 100,000 610,000 40,000 400,000 90,000 Deferred charges Notes Payable, Trade Accounts Payable, Trade Expenses Payable Long-term Notes due 2027 15% Preference Shares, P100 par Ordinary Shares, P10 par Retained Earnings 150,000 790,000 60,000 2,500,000 500,000 1,500,000 250,000 2,250,000 500,000 1,500,000 523,000 2020 Income Statement Accounts Sales 5,250,000 250,000 500,000 750,000 Sales Returns and Allowances Inventory, December 31, 2020 Inventory, December e1, 2019 Purchases Selling Expenses Administrative Expenses (including Depreciation of P250,000) Interest on Long-term Notes 2,750,000 400,000 600,000 250,000 Income Taxes, 32% Additional Information Dividends paid on preference shares Dividends paid on ordinary shares 75,000 162,000 Market price per share on ordinary shares 18

Balance Sheet Accounts (December 31) 2019 2020 Cash 283,000 1,000,000 P 150,000 850,000 P Marketable Securities 1,000,000 500,000 500,000 500,000 1,500,000 Accounts Receivable, net 500,000 750,000 500,000 550,000 1,700,000 Inventories Land Building, net Machinery and Equipment, net Goodwill 400,000 100,000 100,000 610,000 40,000 400,000 90,000 Deferred charges Notes Payable, Trade Accounts Payable, Trade Expenses Payable Long-term Notes due 2027 15% Preference Shares, P100 par Ordinary Shares, P10 par Retained Earnings 150,000 790,000 60,000 2,500,000 500,000 1,500,000 250,000 2,250,000 500,000 1,500,000 523,000 2020 Income Statement Accounts Sales 5,250,000 250,000 500,000 750,000 Sales Returns and Allowances Inventory, December 31, 2020 Inventory, December e1, 2019 Purchases Selling Expenses Administrative Expenses (including Depreciation of P250,000) Interest on Long-term Notes 2,750,000 400,000 600,000 250,000 Income Taxes, 32% Additional Information Dividends paid on preference shares Dividends paid on ordinary shares 75,000 162,000 Market price per share on ordinary shares 18

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

The following are the balance sheet and income statement data of ABC Company:


Requirements:

1. Prepare comparative balance sheets for 2019 and 2020.
2. Prepare income statement for the year ended December 31, 2020.

 

Balance Sheet Accounts (December 31) 2019 2020 Cash P 150,000 283,000 Marketable Securities 850,000 1,000,000 Accounts Receivable, net 500,000 1,000,000 500,000 500,000 Inventories 750,000 Land Building, net Machinery and Equipment, net 500,000 550,000 1,700,000 500,000 1,500,000 Goodwill 400,000 400,000 Deferred charges Notes Payable, Trade Accounts Payable, Trade Expenses Payable Long-term Notes due 2027 15% Preference Shares, P100 par Ordinary Shares, P10 par Retained Earnings 100,000 90,000 100,000 150,000 610,000 790,000 60,000 2,250,000 40,000 2,500,000 500,000 500,000 1,500,000 1,500,000 250,000 523,000 2020 Income Statement Accounts Sales 5,250,000 Sales Returns and Allowances 250,000 Inventory, December 31, 2020 Inventory, December e1, 2019 500,000 750,000 2,750,000 400,000 600,000 Purchases Selling Expenses Administrative Expenses (including Depreciation of P250,000) Interest on Long-term Notes 250,000 Income Taxes, 32% Additional Information Dividends paid on preference shares Dividends paid on ordinary shares Market price per share on ordinary shares 75,000 162,000 18
Transcribed Image Text:Balance Sheet Accounts (December 31) 2019 2020 Cash P 150,000 283,000 Marketable Securities 850,000 1,000,000 Accounts Receivable, net 500,000 1,000,000 500,000 500,000 Inventories 750,000 Land Building, net Machinery and Equipment, net 500,000 550,000 1,700,000 500,000 1,500,000 Goodwill 400,000 400,000 Deferred charges Notes Payable, Trade Accounts Payable, Trade Expenses Payable Long-term Notes due 2027 15% Preference Shares, P100 par Ordinary Shares, P10 par Retained Earnings 100,000 90,000 100,000 150,000 610,000 790,000 60,000 2,250,000 40,000 2,500,000 500,000 500,000 1,500,000 1,500,000 250,000 523,000 2020 Income Statement Accounts Sales 5,250,000 Sales Returns and Allowances 250,000 Inventory, December 31, 2020 Inventory, December e1, 2019 500,000 750,000 2,750,000 400,000 600,000 Purchases Selling Expenses Administrative Expenses (including Depreciation of P250,000) Interest on Long-term Notes 250,000 Income Taxes, 32% Additional Information Dividends paid on preference shares Dividends paid on ordinary shares Market price per share on ordinary shares 75,000 162,000 18
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