ROBINA COMPANY provided the following trial balance as of June 30, 2020: Debits Credits Cash.... P1,000,000 Trade & Other Receivables.. 3,000,000 Inventories.. Dairy Livestock (immature)... Dairy Livestock (mature)... Plant, Property & Equipment (net). Trade & Other Payables... Notes Payable (long-term).. 200,000 100,000 800,000 2,800,000 P1,040,000 3,000,000 2,000,000 Common Stock... Retained Earnings- Jan. 1, 2020. 1,600,000 Fair Value of Milk Produced.. 1,200,000 Gain from Change in Fair Value.. Inventories Used.. 100,000 280,000 240,000 Staff Costs... 30,000 Depreciation Expense... Other Operating Expenses.. Income Tax Expense.. Totals. . 380,000 110,000 P8,940,000 P8,940,000 REQUIRED: 1. Prepare the income statement for the 6-month period ended June 30, 2020. 2. Prepare a properly classified balance sheet as of June 30, 2020.
ROBINA COMPANY provided the following trial balance as of June 30, 2020: Debits Credits Cash.... P1,000,000 Trade & Other Receivables.. 3,000,000 Inventories.. Dairy Livestock (immature)... Dairy Livestock (mature)... Plant, Property & Equipment (net). Trade & Other Payables... Notes Payable (long-term).. 200,000 100,000 800,000 2,800,000 P1,040,000 3,000,000 2,000,000 Common Stock... Retained Earnings- Jan. 1, 2020. 1,600,000 Fair Value of Milk Produced.. 1,200,000 Gain from Change in Fair Value.. Inventories Used.. 100,000 280,000 240,000 Staff Costs... 30,000 Depreciation Expense... Other Operating Expenses.. Income Tax Expense.. Totals. . 380,000 110,000 P8,940,000 P8,940,000 REQUIRED: 1. Prepare the income statement for the 6-month period ended June 30, 2020. 2. Prepare a properly classified balance sheet as of June 30, 2020.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
Related questions
Question
Help me to answer the completely the Required 1 & 2 of this problem. Thank you so much!
![ROBINA COMPANY provided the following trial balance as of June 30, 2020:
Debits
Credits
Cash.. .
..P1,000,000
Trade & Other Receivables..
3,00,000
Inventories...
200,000
Dairy Livestock (immature).
Dairy Livestock (mature)....
Plant, Property & Equipment (net). . 2,800,000
Trade & Other Payables...
Notes Payable (long-term)..
Common Stock.. .
100,000
800,000
..P1,040,000
3,000,000
2,000,000
Retained Earnings- Jan. 1, 2020...
1,600,000
Fair Value of Milk Produced..
1,200,000
Gain from Change in Fair Value...
Inventories Used..
100.000
280,000
Staff Costs....
240,000
30,000
Depreciation Expense...
Other Operating Expenses...
Income Tax Expense..
Totals. .
380,000
110,000
. P8,940,000
P8,940,000
REQUIRED:
1. Prepare the income statement for the 6-month period ended June 30, 2020.
2. Prepare a properly classified balance sheet as of June 30, 2020.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2dceb9b-e17b-418a-8f27-53c0fc0d32e5%2F14b835a4-2ba8-4d7d-b9a4-89715ea625c7%2Fw55g1pr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ROBINA COMPANY provided the following trial balance as of June 30, 2020:
Debits
Credits
Cash.. .
..P1,000,000
Trade & Other Receivables..
3,00,000
Inventories...
200,000
Dairy Livestock (immature).
Dairy Livestock (mature)....
Plant, Property & Equipment (net). . 2,800,000
Trade & Other Payables...
Notes Payable (long-term)..
Common Stock.. .
100,000
800,000
..P1,040,000
3,000,000
2,000,000
Retained Earnings- Jan. 1, 2020...
1,600,000
Fair Value of Milk Produced..
1,200,000
Gain from Change in Fair Value...
Inventories Used..
100.000
280,000
Staff Costs....
240,000
30,000
Depreciation Expense...
Other Operating Expenses...
Income Tax Expense..
Totals. .
380,000
110,000
. P8,940,000
P8,940,000
REQUIRED:
1. Prepare the income statement for the 6-month period ended June 30, 2020.
2. Prepare a properly classified balance sheet as of June 30, 2020.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning