Problem 3Moltres Company provided the following information for the preparation of financial statements for 2020:Balances - January 1, 2020CashAccounts receivableInventoryPrepaid insuranceLandBuildingAccumulated depreciation – buildingEquipmentAccumulated depreciation – equipmentAccounts payableAccrued salariesAdvances from customersShare capitalRetained earningsP 400,000120,000230,00035,000500,0002,000,000700,000800,000240,000170,00020,00090,0002,500,000365,000Relevant information are as follows:1) Dividends of 5% were declared on June 30 and on December 31, 2020.2) All depreciable assets should be depreciated at 10% per year.3) Doubtful accounts are estimated to be 5% of year-end accounts receivable. The accounts receivable totaled P200,000on December 31, 2020.4) Cash receipts for 2020 are summarized as follows:Advances from customersCash sales and collections from accounts receivable70,0002,960,000Sales of equipment on December 31, 2020 costingP50,000 on which P30,000 of depreciationhad been accumulated45,000P3,075,0005) Cash disbursements for 2020 are summarized as follows:Insurance premiumPurchase of equipment on October 1Cash purchases and payments on accounts payableSalaries80,000200,0001,640,000390,000125,000135,000P2,570,000PDividends paidOther expenses6) Additional data on December 31, 2020 are as follows:InventoryPrepaid insuranceAdvances from customersP245,00025,00050,00030,000100,000Accrued salariesAccounts payableRequired:a) Income statement for the year ended December 31, 2020.b) Statement of financial position as at December 31, 2020.

a..) Income Statement for the year ended as 31st December , 2020 Particulars Amount…

Answered: P 400,000 120,000 230,000 35,000…

P 400,000 120,000 230,000 35,000 500,000 2,000,000 700,000 800,000 240,000 170,000 20,000 90,000 2,500,000 365,000 ing oment

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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