d18chthewassuitProblem 2-7 (IAA)Socorro Company provided the following information onDecember 31, 2023:Current assetsOther assets3,100,0005,900,000Cash, including P200,000 invested in money marketand restricted foreign deposit of P300,000Land held for undetermined useAccounts receivable less allowance of P50,000InventoriesSocorro Corporation share capital, at costTotal current assetsStore suppliesBuilding less allowance of P500,000Equipment less allowance of P250,000Financial assets at amortized costTrademarkAdvances to officers-indefinite repaymentPatentLandTotal other assetsCurrent liabilitiesLong term liabilitiesCapitalAccounts payableNote payable, due December 31, 2024Income tax payableShare premiumTotal current liabilitiesUnearned leasehold income five years starting 2024Stock dividend payableSerial bonds payable, P100,000 maturing annuallyTotal long-term liabilitiesRetainedearningsShare capital, P100 parRetained earnings appropriated for plant expansionTotal capitalRequired:1,000,0001,000,0007,000,0001,000,000500,000700,000600,000300,0003,100,00050,0003,000,000750,0001,000,000300,000150,000250,000400,0005,900,000500,000100,000150,000250,0001,000,000350,000150,000500,0001,000,0001,500,0005,000,000500,0007,000,000Prepare statement of financial position with supportingnotes and computations.

Statement of financial position is the part of financial statements which is prepared at the end of…

Socorro Company provided the following information on December 31, 2023: Current assets Other assets 3,100,000 5,900,000 Current liabilities Long term liabilities Capital Cash, including P200,000 invested in money market and restricted foreign deposit of P300,000 Land held for undetermined use Accounts receivable less allowance of P50,000 Inventories Socorro Corporation share capital, at cost Total current assets Store supplies Building less allowance of P500,000 Equipment less allowance of P250,000 Financial assets at amortized cost 1,000,000 1,000,000 7,000,000 1,000,000 500,000 700,000 600,000 300,000 3,100,000 50,000 3,000,000 750,000 1,000,000 300,000

Socorro Company provided the following information on December 31, 2023: Current assets Other assets 3,100,000 5,900,000 Current liabilities Long term liabilities Capital Cash, including P200,000 invested in money market and restricted foreign deposit of P300,000 Land held for undetermined use Accounts receivable less allowance of P50,000 Inventories Socorro Corporation share capital, at cost Total current assets Store supplies Building less allowance of P500,000 Equipment less allowance of P250,000 Financial assets at amortized cost 1,000,000 1,000,000 7,000,000 1,000,000 500,000 700,000 600,000 300,000 3,100,000 50,000 3,000,000 750,000 1,000,000 300,000

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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