The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows: Cash and cash equivalents P400,000 Bank overdraft 100,000 Accounts receivable 900,000 Allowance for doubtful accounts 40,000 Raw materials 560,000 Goods in process 600,000 Finished goods 1,400,000 Financial assets at fair value through other comprehensive income 2,500,000 Land, at fair market value 12/31/20 1,000,000 Building 6,000,000 Accumulated depreciation – building 1,600,000 Plant and equipment 2,400,000 Accumulated depreciation – plant and equipment 400,000 Patent 800,000 Goodwill, recognized in Jan. 2019 thru a business combination 1,400,000 Note payable, bank – due June 30, 2021 1,300,000 Note payable, bank – due June 30, 2022 2,100,000 Accounts payable 1,000,000 Employee benefit provisions 180,000 Warranty liabilities 80,000 Income tax payable 120,000 Deferred tax liability 280,000 Accumulated profits, January 1, 2020 3,600,000 Revaluation surplus on Land, January 1, 2020 360,000 Unrealized gain on financial assets, January 1, 2020 280,00 Share capital 5,000,000 Share premium 1,000,000 Sales 10,000,000 Revaluation surplus on Land during the year 140,000 Unrealized gain on financial asset during the year 100,000 Cost of sales 6,000,000 Selling expenses 1,960,000 Administrative expenses 500,000 Finance cost 100,000 Income tax expense 160,000 Note: The company declared and paid cash dividends totaling to P1,000,000 during the year. Requirements: 1. What is the total current assets to be reported in the 2020 statement of financial position? a. 3,820,000 c. 3,680,000 b. 3,720,000 d. 3,620,000 2. What is the total non-current assets to be reported in the 2020 statement of financial position? a. 12,000,000 c. 12,280,000 b. 12,100,000 d. 12,300,000 3. What is the total current liabilities to be reported in the 2020 statement of financial position? a. 3,060,000 c. 2,780,000 b. 2,960,000 d. 2,600,000
The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows: Cash and cash equivalents P400,000 Bank overdraft 100,000 Accounts receivable 900,000 Allowance for doubtful accounts 40,000 Raw materials 560,000 Goods in process 600,000 Finished goods 1,400,000 Financial assets at fair value through other comprehensive income 2,500,000 Land, at fair market value 12/31/20 1,000,000 Building 6,000,000 Accumulated depreciation – building 1,600,000 Plant and equipment 2,400,000 Accumulated depreciation – plant and equipment 400,000 Patent 800,000 Goodwill, recognized in Jan. 2019 thru a business combination 1,400,000 Note payable, bank – due June 30, 2021 1,300,000 Note payable, bank – due June 30, 2022 2,100,000 Accounts payable 1,000,000 Employee benefit provisions 180,000 Warranty liabilities 80,000 Income tax payable 120,000 Deferred tax liability 280,000 Accumulated profits, January 1, 2020 3,600,000 Revaluation surplus on Land, January 1, 2020 360,000 Unrealized gain on financial assets, January 1, 2020 280,00 Share capital 5,000,000 Share premium 1,000,000 Sales 10,000,000 Revaluation surplus on Land during the year 140,000 Unrealized gain on financial asset during the year 100,000 Cost of sales 6,000,000 Selling expenses 1,960,000 Administrative expenses 500,000 Finance cost 100,000 Income tax expense 160,000 Note: The company declared and paid cash dividends totaling to P1,000,000 during the year. Requirements: 1. What is the total current assets to be reported in the 2020 statement of financial position? a. 3,820,000 c. 3,680,000 b. 3,720,000 d. 3,620,000 2. What is the total non-current assets to be reported in the 2020 statement of financial position? a. 12,000,000 c. 12,280,000 b. 12,100,000 d. 12,300,000 3. What is the total current liabilities to be reported in the 2020 statement of financial position? a. 3,060,000 c. 2,780,000 b. 2,960,000 d. 2,600,000
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
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Question
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The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows:
Cash and cash equivalents P400,000
Bank overdraft 100,000
Accounts receivable 900,000
Allowance for doubtful accounts 40,000
Raw materials 560,000
Goods in process 600,000
Finished goods 1,400,000
Financial assets at fair value through other comprehensive income 2,500,000
Land, at fair market value 12/31/20 1,000,000
Building 6,000,000
Accumulated depreciation – building 1,600,000
Plant and equipment 2,400,000
Accumulated depreciation – plant and equipment 400,000
Patent 800,000
Goodwill , recognized in Jan. 2019 thru a business combination 1,400,000
Note payable, bank – due June 30, 2021 1,300,000
Note payable, bank – due June 30, 2022 2,100,000
Accounts payable 1,000,000
Employee benefit provisions 180,000
Warranty liabilities 80,000
Income tax payable 120,000
Deferred tax liability 280,000
Accumulated profits , January 1, 2020 3,600,000
Revaluation surplus on Land, January 1, 2020 360,000
Unrealized gain on financial assets, January 1, 2020 280,00
Share capital 5,000,000
Share premium 1,000,000
Sales 10,000,000
Revaluation surplus on Land during the year 140,000
Unrealized gain on financial asset during the year 100,000
Cost of sales 6,000,000
Selling expenses 1,960,000
Administrative expenses 500,000
Finance cost 100,000
Income tax expense 160,000
Note: The company declared and paid cash dividends totaling to P1,000,000 during the year.
Requirements:
1. What is the total current assets to be reported in the 2020 statement of financial position ?
a. 3,820,000 c. 3,680,000
b. 3,720,000 d. 3,620,000
2. What is the total non-current assets to be reported in the 2020 statement of financial position?
a. 12,000,000 c. 12,280,000
b. 12,100,000 d. 12,300,000
3. What is the total current liabilities to be reported in the 2020 statement of financial position?
a. 3,060,000 c. 2,780,000
b. 2,960,000 d. 2,600,000
4. What is the total non-current liabilities to be reported in the 2020 statement of financial position?
a. 1,280,000 c. 1,430,000
b. 2,230,000 d. 2,380,000
5. What is the total net income after tax to be reported in the 2020 statement of comprehensive
income?
a. 1,280,000 c. 1,430,000
b. 1,380,000 d. 1,480,000
6. What is the total comprehensive income to be reported in the 2020 statement of comprehensive
income?
a. 1,420,000 c. 1,400,000
b. 1,520,000 d. 1,500,000
7. What is the total accumulated profits to be reported in the 2020 statement of financial position?
a. 4,880,000 c. 3,880,000
b. 4,380,000 d. 3,380,000
8. What is the total stockholders’ equity to be reported in the 2020 statement of financial position?
a. 10,560,000 c. 10,760,000
b. 10,960,000 d. 11,760,000
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