L The Comparative balance sheet of James Inc. for December 31 2010 and 2011 is as follows: 2011 2010 Cash PB5,100 PM2,500 Accounts Receivable, trade 91,350 61,150 Inventory 104,500 100,500 Prepaid expenses 3,000 2,700 Land 30,000 50,000 Buildings 345,000 245,000 Accumulated depreciation-buildings (120,000) (110,400) Machinery and equipment 255,000 255,000 equipment (92,000) (65,000) Patents 25.000 40.000 Total Asses E210.950.030.450 LIABILITIES AND SHAREHOLDER'S EQUITY Accounts payable-trade P61,150 P75,000 Dividend payable 15,000 10.000 Salaries payable 6.650 7.550 Mortgage note payable, due 2015 60,000 0 Bonds Payable 0 75.000 Ordinary shares, P20 par 300.000 250.000 Share premium 100.000 75.000 Accumulated profits 174.150.137.900 27.16.950 P630.450 Additional information: a Net income, P90.250 b. Depreciation expense reported on the net income statement buildings, P10,200 machinery and equipment P27.000 Land costing 20.000 was sold for P20,000. d. Patent amortization reported on income statement P5,000 A mortgage note was issued for P60.000 A building costing P100,000 was constructed 2.500 ordinary shares were issued at P30 in exchange for the bonds payable h Cash dividends declared P60.000 Accumulated depreciation-

L The Comparative balance sheet of James Inc. for December 31 2010 and 2011 is as follows: 2011 2010 Cash PB5,100 PM2,500 Accounts Receivable, trade 91,350 61,150 Inventory 104,500 100,500 Prepaid expenses 3,000 2,700 Land 30,000 50,000 Buildings 345,000 245,000 Accumulated depreciation-buildings (120,000) (110,400) Machinery and equipment 255,000 255,000 equipment (92,000) (65,000) Patents 25.000 40.000 Total Asses E210.950.030.450 LIABILITIES AND SHAREHOLDER'S EQUITY Accounts payable-trade P61,150 P75,000 Dividend payable 15,000 10.000 Salaries payable 6.650 7.550 Mortgage note payable, due 2015 60,000 0 Bonds Payable 0 75.000 Ordinary shares, P20 par 300.000 250.000 Share premium 100.000 75.000 Accumulated profits 174.150.137.900 27.16.950 P630.450 Additional information: a Net income, P90.250 b. Depreciation expense reported on the net income statement buildings, P10,200 machinery and equipment P27.000 Land costing 20.000 was sold for P20,000. d. Patent amortization reported on income statement P5,000 A mortgage note was issued for P60.000 A building costing P100,000 was constructed 2.500 ordinary shares were issued at P30 in exchange for the bonds payable h Cash dividends declared P60.000 Accumulated depreciation-

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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