Financial information of ABC Company for the year ended December 31, 2021. Description Debit Credit Cash on hand 40,000.00 Cash in bank 900,000.00 Petty cash fund 10,000.00 BSP Treasury bill, purchased on December 1, 2021 and due March 1, 2022 150,000.00 Financial assets at fair value 200,000.00 Financial assets at amortized cost 3,000,000.00 Investment in associate at equity method 1,000,000.00 Accounts receivable 580,000.00 Trade Notes receivable 100,000.00 Accrued interest on notes receivable 10,000.00 Advances to employees, collectible currently 30,000.00 Merchandise Inventory 1,500,000.00 Store supplies 50,000.00 Office supplies unused 30,000.00 Prepaid insurance 20,000.00 Land 1,500,000.00 Building 4,500,000.00 Equipment 1,000,000.00 Furniture and fixtures 400,000.00 Allowance for doubtful accounts 20,000.00 Accumulated depreciation - Building 1,900,000.00 Accumulated depreciation - Equipment 350,000.00 Accumulated depreciation - Furniture and fixtures 150,000.00 Expansion fund 2,000,000.00 Cash surrender value 100,000.00 Trademark 2,000,000.00 Long-term refundable deposit 20,000.00 Long-term advances to officers 80,000.00 Accounts payable 350,000.00 Income tax payable 50,000.00 Dividends payable 100,000.00 Accured expenses 85,000.00 Trade Notes payable 150,000.00 Note payable - short-term debt 400,000.00 Note payable - due July 1, 2023 600,000.00 Accured interest on note payable 15,000.00 Current portion of bonds payable 200,000.00 Bonds payable - remaining portion 1,800,000.00 Warranty liability 50,000.00 Deferred tax liability 100,000.00 Share capital 5,000,000.00 Share premium 2,000,000.00 Retained earnings appropriated for contingencies 1,150,000.00 Retained earnings 3,650,000.00 Gross Sales 9,300,000.00 Interest income 180,000.00 Dividend income 120,000.00 Gain from expropriation 500,000.00 Rent income 100,000.00 Foreign currency translation gain 150,000.00 Share in net income from associate 500,000.00 Sales discount 200,000.00 Sales return and allowances 100,000.00 Advertising 100,000.00 Bonuses 100,000.00 Casualty loss from earthquake 170,000.00 Delivery expense 250,000.00 Depreciation - office equipment 90,000.00 Depreciation - store equipment 150,000.00 Doubtful accounts 40,000.00 Freight-in 300,000.00 Gross Purchases 6,000,000.00 Income tax expense 580,000.00 Interest expense on bank loan 50,000.00 Interest expense on bonds payable 150,000.00 Loss on sale of investment 30,000.00 Loss on sale of property 120,000.00 Office salaries 650,000.00 Office supplies expense 70,000.00 Purchase discount 250,000.00 Purchase return and allowances 150,000.00 Sales commission 180,000.00 Sales Salaries 600,000.00 SSS and Philhealth - Office 30,000.00 SSS and Philhealth - Sales 20,000.00 Store supplies expense 50,000.00 Taxes and licenses 20,000.00 Unrealized loss on derivative contract designated as cash flow hedge 100,000.00 Total 29,370,000.00 29,370,000.00 Ending merchandise Inventory for the period is P2,000,000 PREPARE THE FINANCIAL STATEMENT OF POSITION AND STATEMENT OF COMPREHENSIVE INCOME. PLEASE

Financial information of ABC Company for the year ended December 31, 2021. Description Debit Credit Cash on hand 40,000.00 Cash in bank 900,000.00 Petty cash fund 10,000.00 BSP Treasury bill, purchased on December 1, 2021 and due March 1, 2022 150,000.00 Financial assets at fair value 200,000.00 Financial assets at amortized cost 3,000,000.00 Investment in associate at equity method 1,000,000.00 Accounts receivable 580,000.00 Trade Notes receivable 100,000.00 Accrued interest on notes receivable 10,000.00 Advances to employees, collectible currently 30,000.00 Merchandise Inventory 1,500,000.00 Store supplies 50,000.00 Office supplies unused 30,000.00 Prepaid insurance 20,000.00 Land 1,500,000.00 Building 4,500,000.00 Equipment 1,000,000.00 Furniture and fixtures 400,000.00 Allowance for doubtful accounts 20,000.00 Accumulated depreciation - Building 1,900,000.00 Accumulated depreciation - Equipment 350,000.00 Accumulated depreciation - Furniture and fixtures 150,000.00 Expansion fund 2,000,000.00 Cash surrender value 100,000.00 Trademark 2,000,000.00 Long-term refundable deposit 20,000.00 Long-term advances to officers 80,000.00 Accounts payable 350,000.00 Income tax payable 50,000.00 Dividends payable 100,000.00 Accured expenses 85,000.00 Trade Notes payable 150,000.00 Note payable - short-term debt 400,000.00 Note payable - due July 1, 2023 600,000.00 Accured interest on note payable 15,000.00 Current portion of bonds payable 200,000.00 Bonds payable - remaining portion 1,800,000.00 Warranty liability 50,000.00 Deferred tax liability 100,000.00 Share capital 5,000,000.00 Share premium 2,000,000.00 Retained earnings appropriated for contingencies 1,150,000.00 Retained earnings 3,650,000.00 Gross Sales 9,300,000.00 Interest income 180,000.00 Dividend income 120,000.00 Gain from expropriation 500,000.00 Rent income 100,000.00 Foreign currency translation gain 150,000.00 Share in net income from associate 500,000.00 Sales discount 200,000.00 Sales return and allowances 100,000.00 Advertising 100,000.00 Bonuses 100,000.00 Casualty loss from earthquake 170,000.00 Delivery expense 250,000.00 Depreciation - office equipment 90,000.00 Depreciation - store equipment 150,000.00 Doubtful accounts 40,000.00 Freight-in 300,000.00 Gross Purchases 6,000,000.00 Income tax expense 580,000.00 Interest expense on bank loan 50,000.00 Interest expense on bonds payable 150,000.00 Loss on sale of investment 30,000.00 Loss on sale of property 120,000.00 Office salaries 650,000.00 Office supplies expense 70,000.00 Purchase discount 250,000.00 Purchase return and allowances 150,000.00 Sales commission 180,000.00 Sales Salaries 600,000.00 SSS and Philhealth - Office 30,000.00 SSS and Philhealth - Sales 20,000.00 Store supplies expense 50,000.00 Taxes and licenses 20,000.00 Unrealized loss on derivative contract designated as cash flow hedge 100,000.00 Total 29,370,000.00 29,370,000.00 Ending merchandise Inventory for the period is P2,000,000 PREPARE THE FINANCIAL STATEMENT OF POSITION AND STATEMENT OF COMPREHENSIVE INCOME. PLEASE

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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Financial information of ABC Company for the year ended December 31, 2021.
Description	Debit	Credit
Cash on hand	40,000.00
Cash in bank	900,000.00
Petty cash fund	10,000.00
BSP Treasury bill, purchased on December 1, 2021 and due March 1, 2022	150,000.00
Financial assets at fair value	200,000.00
Financial assets at amortized cost	3,000,000.00
Investment in associate at equity method	1,000,000.00
Accounts receivable	580,000.00
Trade Notes receivable	100,000.00
Accrued interest on notes receivable	10,000.00
Advances to employees, collectible currently	30,000.00
Merchandise Inventory	1,500,000.00
Store supplies	50,000.00
Office supplies unused	30,000.00
Prepaid insurance	20,000.00
Land	1,500,000.00
Building	4,500,000.00
Equipment	1,000,000.00
Furniture and fixtures	400,000.00
Allowance for doubtful accounts		20,000.00
Accumulated depreciation - Building		1,900,000.00
Accumulated depreciation - Equipment		350,000.00
Accumulated depreciation - Furniture and fixtures		150,000.00
Expansion fund	2,000,000.00
Cash surrender value	100,000.00
Trademark	2,000,000.00
Long-term refundable deposit	20,000.00
Long-term advances to officers	80,000.00
Accounts payable		350,000.00
Income tax payable		50,000.00
Dividends payable		100,000.00
Accured expenses		85,000.00
Trade Notes payable		150,000.00
Note payable - short-term debt		400,000.00
Note payable - due July 1, 2023		600,000.00
Accured interest on note payable		15,000.00
Current portion of bonds payable		200,000.00
Bonds payable - remaining portion		1,800,000.00
Warranty liability		50,000.00
Deferred tax liability		100,000.00
Share capital		5,000,000.00
Share premium		2,000,000.00
Retained earnings appropriated for contingencies		1,150,000.00
Retained earnings		3,650,000.00
Gross Sales		9,300,000.00
Interest income		180,000.00
Dividend income		120,000.00
Gain from expropriation		500,000.00
Rent income		100,000.00
Foreign currency translation gain		150,000.00
Share in net income from associate		500,000.00
Sales discount	200,000.00
Sales return and allowances	100,000.00
Advertising	100,000.00
Bonuses	100,000.00
Casualty loss from earthquake	170,000.00
Delivery expense	250,000.00
Depreciation - office equipment	90,000.00
Depreciation - store equipment	150,000.00
Doubtful accounts	40,000.00
Freight-in	300,000.00
Gross Purchases	6,000,000.00
Income tax expense	580,000.00
Interest expense on bank loan	50,000.00
Interest expense on bonds payable	150,000.00
Loss on sale of investment	30,000.00
Loss on sale of property	120,000.00
Office salaries	650,000.00
Office supplies expense	70,000.00
Purchase discount		250,000.00
Purchase return and allowances		150,000.00
Sales commission	180,000.00
Sales Salaries	600,000.00
SSS and Philhealth - Office	30,000.00
SSS and Philhealth - Sales	20,000.00
Store supplies expense	50,000.00
Taxes and licenses	20,000.00
Unrealized loss on derivative contract designated as cash flow hedge	100,000.00
Total	29,370,000.00	29,370,000.00

Ending merchandise Inventory for the period is P2,000,000

PREPARE THE FINANCIAL STATEMENT OF POSITION AND STATEMENT OF COMPREHENSIVE INCOME. PLEASE ASAP.

ABC Company
Statement of Comprehensive Income
For the year ended December 31, 2021
Note
Net Sales
10
Less: Cost of goods sold
Gross profit
11
Other income
12
Investment income
13
Total income
Less: Expenses
Distribution costs
14
Adminsitrative expenses
15
Other expenses
16
Finance cost
17
Income before tax
Less: Income tax expense
Net Income
OCI to be reclassfied to profit or loss:
Comprehensive Income

ABC COMPANY
Statement of Financial Position
December 31, 2021
ASSETS
Note
Current assets:
Cash and cash equivalents
1
Financial assets at fair value
Trade and other receivables
Merchandise Inventory
Prepaid expenses
Total Current assets
2
3
Noncurrent assets:
Property, plant and equipment
Investment in associate, at equity
Long-term investment
Intangible assets
Other noncurrent assets
4
6
7
Total noncurrent assets
Total assets
LIABILITIES AND EQUITY
Current liabilities:
Trade and other payables
Note payable - short-term debt
Current portion of bonds payable
Warranty liability
Total current liabilities
8
Noncurrent liabilities:
Bonds payable - remaining portion
Notes payable - due July 1, 2023
Deferred tax liability
Total noncurrent liabilities
Shareholders' equity
Share capital
Reserves
9
Retained earnings
Total liabilities and shareholders' equity

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