Inč. iš čomplêting the preparation of the draft finančiål štatement för thể year ended December 31, 2021. The financial statements are authorized for issue on March 31, 2022 On January 31, 2022, a dividend of P3,000,000 was declared and a contractual profit share payment of of P1,000,000 was made both based on the profit for the year ended December 31, 2021 On February 15, 2022, a customer went into liquidation having owed the entity P500,000 for the past 5 months. No allowance had been made agains this debt in the draft financial statements. On March 1, 2022, a manufacturing plant was destroyed by fire resultin in a financial loss of P2,500,000.

Inč. iš čomplêting the preparation of the draft finančiål štatement för thể year ended December 31, 2021. The financial statements are authorized for issue on March 31, 2022 On January 31, 2022, a dividend of P3,000,000 was declared and a contractual profit share payment of of P1,000,000 was made both based on the profit for the year ended December 31, 2021 On February 15, 2022, a customer went into liquidation having owed the entity P500,000 for the past 5 months. No allowance had been made agains this debt in the draft financial statements. On March 1, 2022, a manufacturing plant was destroyed by fire resultin in a financial loss of P2,500,000.

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

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 13P: Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and...

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ABC Company is preparing its December 31, 2019 financial statements. The financial statements are authorized for issue on March 31, 2020. Income before 25% income tax but after consideration of these items amounted to P 5.4M. The following occurred: March 15, 2020 - dividend of 3M was declared and a contractual profit share payment of 90OT was made, based on the profit for the year ended 12/31/2019. February 1, 2020 - customer settled to the entity its due amounting to P 550,000 for the past 5 months. Allowance worth P 60T was made against this account in the financial statements. March 20, 2020 - manufacturing plant was partially destroyed by fire last December 20, 2019. Estimate of a professional regarding the damage was received on the given date which amounted to P 950T. What total before- tax amount should be recognized in profit or loss for 2019 to reflect adjusting events after the reporting period? some other amount 1,670,000 1,750,000 1,790,000
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Santiago Corporation's board of directors declared a P750,000 cash dividend onSept. 1, 2019, payable on Oct. 1, to shareholders of record on Sept. 15. Required:Prepare all appropriate entries needed on the declaration, record and paymentdates.
Sprite Company had the following liabilities at December 31, 2019:Trade accounts payable, net of debit balances totaling P65,000 in supplier’saccounts P1,125,000Accrued expenses 136,000Interest payable 96,000Income tax payable 150,000Mortgage payable due in equal annual instalments until October 31, 2024 750,000Share dividends declared but not yet issued 300,000Notes payable (due on January 1, 2021) 250,000 How much is the total current liabilities of Sprite to be shown on its December 31, 2019 statement of financial position?a. P1,722,000 c. P2,207,000b. P1,272,000 d. P2,022,000
he following items are included in the financial statement of ABC BHD for 2019: Instruction: 1. Compute the net profit for the year. 2. What is the retained earnings figure that would appear on the balance sheet at December 31, 2019? 3. Prepare a classified balance sheet for ABC BHD at December 31, 2019,assuming the note payable is a long-term debt
we have to make statement of financial position
The fiscal year-end for the Northwest Distribution Corporation is December 31. The company’s 2018 financialstatements were issued on March 15, 2019. The following events occurred between December 31, 2018, andMarch 15, 2019.1. On January 22, 2019, the company negotiated a major merger with Blandon Industries. The merger will becompleted by the middle of 2019.2. On February 3, 2019, Northwest negotiated a $10 million long-term note with the Credit Bank of Ohio. Theamount of the note is material.3. On February 25, 2019, a flood destroyed one of the company’s manufacturing plants causing $600,000 ofuninsured damage.Required:Determine the appropriate treatment of each of these events in the 2018 financial statements of Northwest Distribution Corporation.
Please help me to solve this question
Please answer in good accounting form. Thankyou What is the retained earnings balance ending December 31, 2021?
Upright Company reported a retained earnings balance of P4,000,000 on January 1,2021. In August 2021, the entity determined that insurance premiums of P600,000 for the three- year period beginning January 1, 2020, had been paid and fully expensed in 2020. The income tax rate is 30%. What amount should be reported as corrected retained earnings on January 1, 2021?
Gee Hee Traders started operating in 2021. For the year ended 2021, the sales, purchases, and closing inventory are P500,000, P200,000, and P10,000 respectively. What is the gross profit for the entity? Your answer
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