Maguindanao Computer, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data a. An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 b. Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August delivery 21,500 Goodwill recorded on the books to cancel losses incurred by the company in prior years 774,000 6,285,500 c. Current liabilities include the following: Payroll payable P 71,500 Taxes payable 41,500 Rent payable 114,000 Trade accounts payable (net of 15,000, 6 months note, received from a supplier who purchased some used equipment on June 29,2020 999,000 Notes payable 160,000 1,386,000 d. Noncurrent liabilities include the following 9% mortgage on property, plant and equipment, payable in semiannual installment of P90,000 through to June 30,2025 P900,000 e. Owners’ equity includes the following: Preference share capital;190,000 shares outstanding (20 par value) P3,800,000 Ordinary share capital; 1,600,000 shares at P1 par value 1,600,000 Share premium 1,040,000 6,440,000 f. Ordinary shares were originally issued for P3,910,000, but the losses of the company for the past years were charged against share premium. Required: 1. ) Based on the above information, determine the adjusted amount of the following: Current assets Noncurrent assets Current liabilities Noncurrent liabilities Equity 2. ) Prepare a properly classified statement of financial position on December 31, 2020
Maguindanao Computer, Inc., reports the following statement of financial position amounts as of June 30,2020
Current asset P 2,440,500
Noncurrent assets 6,285,500
Current liabilities 1,386,000
Noncurrent liabilities 900,000
Owner’s equity 6,440,000
A review of account balances reveals the following data
a. An analysis of current assets discloses the following:
|
Cash |
P 422,500 |
|
Investment securities-trading |
600,000 |
|
Trade |
568,000 |
|
Inventories, including advertising supplies of P20,000 |
850,000 |
|
|
2,440,500 |
b. Noncurrent assets include the following:
|
Property, plant and equipment: |
|
|
|
5,490,000 |
|
Deposit with a supplier for merchandise ordered for August delivery |
21,500 |
|
|
774,000 |
|
|
6,285,500 |
c. Current liabilities include the following:
|
Payroll payable |
P 71,500 |
|
Taxes payable |
41,500 |
|
Rent payable |
114,000 |
|
Trade accounts payable (net of 15,000, 6 months note, received from a supplier who purchased some used equipment on June 29,2020 |
999,000 |
|
Notes payable |
160,000 |
|
|
1,386,000 |
d. Noncurrent liabilities include the following
|
9% mortgage on property, plant and equipment, payable in semiannual installment of P90,000 through to June 30,2025 |
P900,000 |
e. Owners’ equity includes the following:
|
|
P3,800,000 |
|
Ordinary share capital; 1,600,000 shares at P1 par value |
1,600,000 |
|
Share premium |
1,040,000 |
|
|
6,440,000 |
|
|
|
f. Ordinary shares were originally issued for P3,910,000, but the losses of the company for the past years were charged against share premium.
Required:
1. ) Based on the above information, determine the adjusted amount of the following:
- Current assets
- Noncurrent assets
- Current liabilities
- Noncurrent liabilities
- Equity
2. ) Prepare a properly classified statement of financial position on December 31, 2020
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