Increase / (Decrease)P500,000(4,600,000)(460,000)4,800,0003,000,0002,400,000CashAccounts receivableAllowance for bad debtsMerchandise inventoryInvestment in associateProperty, plant and equipmentAccumulated depreciationNotes payableBonds payableDiscount on bonds payableOrdinary share capitalShare premiumRevaluation surplusTreasury shares800.0002,600,000(2,800,000)(600,000)3,900,000200,0002,600,000320.000Additional information:On December 31, 20x6, Noel Co. declared cash dividends amounting to P500,000 and share dividends amounting toP800,000. Also during the year, the company appropriated retained earnings for the retirement of bonds amounting toP100,000.During the year, Noel obtained a bank loan of P2,000,000 and paid off loan amortization of P1,600,000 and interest ofP100,000. Interest of P180,000 is accrued on December 31, 20x6. There was no interest payable at the end of 20x5. In20x6, Noel Company acquired treasury shares from its existing shareholders.Compute for the net loss during the year.

It is the method of accounting in which the transactions are recorded using single entry, instead of…

Answered: Increase / (Decrease) P500,000…

Increase / (Decrease) P500,000 (4,600,000) (460,000) 4,800,000 Cash Accounts receivable Allowance for bad debts Merchandise inventory

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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A4
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