The following information was obtained from the accounts of Philippine Airlinesdated December 31, 2020. It is presented in alphabetical order.Accounts payableAccounts receivableAccrued expensesAccumulated depreciationAllowance for doubtful accountsCashP 77,91667,55123,952220,54124828,83736,87542,07016,64311,901393,80810,0427,152Current portion of long-term debtDeferred income tax liability (long term)InventoryInvestments and special fundsLong-term debt, less current portionMarketable securitiesOrdinary Shares (par PO.50, authorized 20,000 shares,issued 14,304 shares)Other assetsPrepaid expensesProperty, plant, and equipment at costRetained earningsShare PremiumUnearned transportation revenue (airline tickets expiringwithin one year)7273,963809,98067,36172,9136,808Required: Prepare a classified statement of financial position in report form.

Name: The following information was obtained from the accounts of Philippin
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Description: The following information was obtained from the accounts of Philippine Airlinesdated December 31, 2020. It is presented in alphabetical order.Accounts payableAccounts receivableAccrued expensesAccumulated depreciationAllowance for doubtful accountsC

The statement of financial position shows the assets, liabilities and stockholders' equity.

Answered: The following information was obtained…

Business

Accounting

The following information was obtained from the accounts of Philippine Airlines dated December 31, 2020. It is presented in alphabetical order.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

The following information was obtained from the accounts of Philippine Airlines
dated December 31, 2020. It is presented in alphabetical order.
Accounts payable
Accounts receivable
Accrued expenses
Accumulated depreciation
Allowance for doubtful accounts
Cash
P 77,916
67,551
23,952
220,541
248
28,837
36,875
42,070
16,643
11,901
393,808
10,042
7,152
Current portion of long-term debt
Deferred income tax liability (long term)
Inventory
Investments and special funds
Long-term debt, less current portion
Marketable securities
Ordinary Shares (par PO.50, authorized 20,000 shares,
issued 14,304 shares)
Other assets
Prepaid expenses
Property, plant, and equipment at cost
Retained earnings
Share Premium
Unearned transportation revenue (airline tickets expiring
within one year)
727
3,963
809,980
67,361
72,913
6,808
Required: Prepare a classified statement of financial position in report form.

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