On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 5:3:2 is presented as follows: Cash Noncash asset P1,600,000 Total Liabilities 1,400,000 A, Capital В, Сарital С, Сарital P2,000,000 100,000 500,000 400,000 On January 1, 2021, the partners decided to liquidate the partnership in installment. All partners are legally declared to be personally insolvent. As of Jamuary 31, 2021, the following transactions occured: Noncash assets with a book value P1,000,000 were sold at a gain of P100,000. • Liquidation expenses for the month of January amounting to P50,000 were paid. It is estimated that liquidation expenses amounting to P150,000 will be incurred for the month of February, 2021.

On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 5:3:2 is presented as follows: Cash Noncash asset P1,600,000 Total Liabilities 1,400,000 A, Capital В, Сарital С, Сарital P2,000,000 100,000 500,000 400,000 On January 1, 2021, the partners decided to liquidate the partnership in installment. All partners are legally declared to be personally insolvent. As of Jamuary 31, 2021, the following transactions occured: Noncash assets with a book value P1,000,000 were sold at a gain of P100,000. • Liquidation expenses for the month of January amounting to P50,000 were paid. It is estimated that liquidation expenses amounting to P150,000 will be incurred for the month of February, 2021.

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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Notes 2022 2021 ASSETS Cash on hand 1,404,561 2,529,876 Statutory deposits with Central Banks 7,508,221 7,045,773 Due from banks 9,178,784 12,425,341 Treasury Bills 8,400,605 4,934,664 Advances 4 56,829,415 55,515,628 Investment securities 5 19,953,780 19,259,501 Investment interest receivable 203,693 205,204 Investment in associated companies 6 62,603 55,961 Premises and equipment 7 3,255,758 3,218,670 Right-of-use assets 8 (a) 398,405 477,858 Intangible assets 9 1,143,560 1,171,222 Pension assets 10 (a) 1,200,717 1,415,216 Deferred tax assets 11 (a) 316,556 246,214 Taxation recoverable 49,290 72,817 Other assets 12 1,071,755 594,950 TOTAL ASSETS 110,977,703 109,168,895 LIABILITIES AND EQUITY LIABILITIES Due to banks 445,410 155,985 Customers’ current, savings and deposit accounts 13 87,586,189 86,609,634 Other fund raising instruments 14 4,461,931 4,618,554 Debt securities in issue 15 1,674,719 1,865,895 Lease liabilities 8 (b) 420,088 482,867 Pension liability 10 (a) 40 25,356…
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Given this information: 2019 2020 2019 2020 Cash $6,100 $4,800 Accounts payable $2,100 $2,200 Accounts receivable $2,400 $1,50O Utilities payable $800 $1,100 Inventory $6,000 $5,800 Unearned revenue $4,000 $1,000 Prepaid rent $1,200 $400 Note payable $16,000 $13,000 Land $36,000 $40,000 Interest payable $600 $1,000 Equipment $18,000 $18,000 Common stock $12,000 $12,000 Accumulated depreciation ($1,200) ($2,200) Retained earnings $33,000 $38,000 $68,500 $68,300 $68,500 $68,300 How much were cash flows from financing activities if net income was $12,000 during 2020? ($3,000) ($10,000) ($7,000) ($4,000) None of the above
What is National Co.’s free cash flow for 2022?
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In 2018, the yen went from $0.00887619 to $0.00906626. • By how much did the yen appreciate against the dollar? • By how much has the dollar depreciated against the yen?