Mikasa had the following balances in her books: Cash-P1,500,000, Accounts receivable-P200,000, Allowance for bad debts-5% of A/R, Notes receivable-P500,000, Interest receivable-P5,000, LandP1,000,000, Equipment-P200,000, Accumulated Depreciation of Equipment-P75,000, Depreciation expense of Equipment-P50,000, Patent-P700,000, Accumulated amortization of Patent-P175,000, Amortization expense of Patent-P100,000 Accounts payable-P275,000, Interest payable-P25,000, Notes payable-P450,000, Bonds payable-P950,000. • 80% of accounts receivable are collectible immediately, remaining is due after 2 years • Half of notes receivable are due immediately, the other half is due after exactly 1 year. • Accounts payable are due after 15 months. • P300,000 of notes payable is due after 6 months, the remaining is due after 18 months. • P500,000 of bonds payable is due after 12 months, the remaining is due after 24 months. • Interest receivable and payable are both due immediately 1.) How much will Mikasa report to her Statement of Financial Position as current assets? 2.) How much will Mikasa report to her Statement of Financial Position as non-current assets? 3.) How much will Mikasa report to her Statement of Financial Position as current liabilities? 4.) How much will Mikasa report to her Statement of Financial Position as non-current liabilities? 5.) How much will Mikasa report to her Statement of Financial Position as total equity?
Mikasa had the following balances in her books: Cash-P1,500,000, Accounts receivable-P200,000,
Allowance for
expense of Equipment-P50,000, Patent-P700,000, Accumulated amortization of Patent-P175,000,
Amortization expense of Patent-P100,000 Accounts payable-P275,000, Interest payable-P25,000, Notes
payable-P450,000, Bonds payable-P950,000.
• 80% of accounts receivable are collectible immediately, remaining is due after 2 years
• Half of notes receivable are due immediately, the other half is due after exactly 1 year.
• Accounts payable are due after 15 months.
• P300,000 of notes payable is due after 6 months, the remaining is due after 18 months.
• P500,000 of bonds payable is due after 12 months, the remaining is due after 24 months.
• Interest receivable and payable are both due immediately
1.) How much will Mikasa report to her
2.) How much will Mikasa report to her Statement of Financial Position as non-current assets?
3.) How much will Mikasa report to her Statement of Financial Position as current liabilities?
4.) How much will Mikasa report to her Statement of Financial Position as non-current liabilities?
5.) How much will Mikasa report to her Statement of Financial Position as total equity?
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