Data for 19 and 20 Ahn Jung Ha Company provided the following information for 2020: Current asset, Jan 1- P240,000; Property, Plant and Equipment, Jan 1- P1,600,000; Non-current liabilities- P580,000; Property, Plant and Equipment, Dec 31-P1,700,000; Current liabilities- P130,000. All assets are reported at year-end. Working capital of P90,000 remained unchanged. Net income for 2021 was P60,000. No dividend was declared during the year and there were no other changes in the shareholders' equity. 19. How much is the amount of current assets on Dec. 31, 2020? A. P40,000 B. P90,000 C. P130,000 D. P220,000 20. How much is the shareholders' equity on Dec. 31, 2020? A. P1,050,000 B. P1,080,000 C. P1,110,000 D. P1,210,000

Data for 19 and 20 Ahn Jung Ha Company provided the following information for 2020: Current asset, Jan 1- P240,000; Property, Plant and Equipment, Jan 1- P1,600,000; Non-current liabilities- P580,000; Property, Plant and Equipment, Dec 31-P1,700,000; Current liabilities- P130,000. All assets are reported at year-end. Working capital of P90,000 remained unchanged. Net income for 2021 was P60,000. No dividend was declared during the year and there were no other changes in the shareholders' equity. 19. How much is the amount of current assets on Dec. 31, 2020? A. P40,000 B. P90,000 C. P130,000 D. P220,000 20. How much is the shareholders' equity on Dec. 31, 2020? A. P1,050,000 B. P1,080,000 C. P1,110,000 D. P1,210,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Answer both subparts.if answered within 30mins,it would be helpful!! Accounting During 2018, Bar Build Company constructed various assets at a total cost of £16,800,000. The weighted average accumulated expenditures on assets qualifying for capitalization of interest during 2018 were £11,200,000. The company had the following debt outstanding at December 31, 2018:1. 10%, 5-year note to finance construction of various assets,dated January 1, 2018, with interest payable annually on January 1 £7,200,0002. 12%, ten-year bonds issued at par on December 31, 2013, with interestpayable annually on December 31 8,000,0003. 9%, 3-year note payable, dated January 1, 2017, with interest payableannually on January 1 4,000,000InstructionsCompute the amounts of each of the following (show computations).1. Avoidable interest.2. Total interest to be capitalized during 2018.
g. On October 1, 2023, Equipment B was acquired with a down payment of $4,000 and the remaining payments to be made in 10 annual installments of $4,000 each beginning October 1, 2024. The prevailing interest rate was 8%. Required: Supply the correct amount for each answer box on the schedule. Note: Round your intermediate calculations and final answers to the nearest whole dollar. THOMPSON CORPORATION Fixed Asset and Depreciation Schedule For Fiscal Years Ended September 30, 2023, and September 30, 2024 Assets Acquisition Date Cost Residual Depreciation Method Estimated Life in Years Depreciation for Year Ended 9/30 2023 2024 Land A 10/1/2022 $ 65,000 N/A not applicable N/A N/A N/A Building A 10/1/2022 Land B 10/2/2022 Building B Under construction Donated Equipment 10/2/2022 Equipment A 10/2/2022 747,500 $47,500 85,400 210,000 to date 16,000 99,000 N/A Straight-line not applicable 50 $ 14,000 $14,000 N/A N/A N/A Straight-line 30 0 2,000 9,000 200% Declining balance 10 3,200 2,560…
Excelsior Corporation has the following headings on its December 31, 2019 Balance Sheet:Total Current Assets $200,000Total Assets $500,000Total Current Liabilities $156,500Total Non Current Liabilities $300,000On January 2020 Excelsior sells temporary investments to pay off $48,900 in long term debt Required 1: How much will working capital increase (decrease) by when comparing December 2019 with January 2020? $ Required 2: If no other transaction took place in January 2020, the current ratio at the end of January 2020 is: Required 3: If no other transaction took place in January 2020, the debt to equity ratio at the end of January 2020 is: Required 4: If no other transaction took place in January 2020, the financial leverage in January 2020 is (calculate the Equity Ratio and not the Equity Ratio percentage): Required 5: If last 12 month sales as of January 2020 amount to $480,000, the working capital turnover for the period ended January 31st 2020 is:
U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2020. Plan assets $ 400,000 Projected benefit obligation 320,000 U.S.M.'s actuary determined that 2021 service cost is $60,000. Both the expected and actual rate of return on plan assets are 9%. The interest (discount) rate is 5%. U.S.M. contributed $120,000 to the pension fund at the end of 2021, and retirees were paid $44,000 from plan assets. (Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Required: What is the pension expense at the end of 2021? What is the projected benefit obligation at the end of 2021? What is the plan assets balance at the end of 2021? What is the net pension asset or net pension liability at the end of 2021? Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments.
Jacob Company started construction on a building on January 1, 2020 and completed construction on December 31, 2020. Jacob had only two interest notes outstanding during the year and both of these notes were outstanding for all 12 months of 2020. The following information is available: What is the cost of the building on December 31, 2020?
Capitalized interest on Groupers financial statements?
During 2022, Churchill Inc. constructed assets costing £4,200,000. The weighted- average accumulated expenditures on these assets the year was £2,600,000. Churchill took out a 7% construction loan of £4,000,000 on January 1, 2022, and funds not needed for construction were temporarily invested in short-term securities, yielding £30,000 in interest revenue. Other than the construction loan, the only other debt outstanding during the year was a £2,000,000, 5-year, 9% note payable dated January 1, 2018. What is the amount of interest that should be capitalized by Churchill during 2022? £152,000. £182,000. £280,000. £330,000. a. b. C. d.
Coal Company began constructing a building for its own use in January 2023. During 2023, Coal incurred interest of P50,000 on specific construction debt, and P20,000 on other borrowings. Interest computed on the weighted-average amount of accumulated expenditures for the building during 2023 was P40,000. What amount of interest cost should Coal capitalize? a. 20,000 b. 40,000 c. 50,000 d. 70,000
On May 1, 2020, Vaughn Manufacturing began construction of a building. Expenditures of $620400 were incurred monthly for 5 months beginning on May 1. The building was completed and ready for occupancy on September 1, 2020. For the purpose of determining the amount of interest cost to be capitalized, the weighted-average accumulated expenditures on the building during 2020 were O $2481600. O $3102000. O $517000. O $620400.
The following information relates to Arlon Manufacturers which will commence business on 01 January 2024 with R750 000 cash: 1. 2. New machinery and equipment will be purchased on 02 January 2024 for R300 000. A deposit of 20% will be paid immediately. The balance of the debt as well as finance charges of R18 000 will be paid in 12 equal instalments commencing February 2024. Production will commence on 05 January 2024 and 30% of the sales for February's will be manufactured in January. Each month thereafter the production will consist of 70% of the current month's sales and 30% of the following month's sales. 3. Estimated sales at R72 per unit are as follows: 4. January February March April Units 0 8 500 11 000 10 500 Cash sales are expected to comprise 60% of the total sales. A cash discount of 10% will be granted to these customers. The balance of the sales will be on credit. Thirty percent (30%) of the amount owing is expected to be received in the month of the sale and the balance…
Salmania Co. began working on a project on August 2019, to construct a BD8,250,000 bridge that is expected to be completed in October 2020, at an estimated cost of BD6,000,000. At the end of 2019, the costs to date were BD2,400,000 and the estimated total costs to complete had not changed. The progress billings during 2019 were BD1,600,000 and the cash collected during 2019 was BD1,475,000. Salmania uses the percentage-of-completion method. What amount would be reported in Construction in Process at December 31, 2019?
In 2024, KP Building Incorporated began work on a four-year construction project (called Cincy One). The contract price is $460 million. KP recognizes revenue on this contract over time according to percentage of completion. At the end of 2024, the following financial statement information indicates the results to date for Cincy One: INCOME STATEMENT: Gross profit (before-taxes) recognized in 2024 $ 43 million BALANCE SHEET: Accounts receivable from construction billings $ 30 million Construction in progress $ 86 million Less: Billings on construction $ (96 million) Net billings in excess of construction in progress $ 10 million Required: Compute the following, placing your answer in the spaces provided and showing supporting computations below. Note: Round your percentage answer to the nearest whole number. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).