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Assets Current Assets

The statement of financial position of SME Company as of December 31, 2032 shows total assets of ₱8,484,000 consisting of current assets of ₱3,110,000 and noncurrent assets of ₱5,374,000. Total liabilities are ₱3,694,000 comprising current liabilities of ₱1,613,000 and noncurrent liabilities of ₱2,081,000. Shareholders' equity is ₱4,790,000 with share capital of ₱1,500,000 and retained earnings of ₱3,290,000. The statement of income and retained earnings of Brook Corporation for

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Jere Mae Maranan
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23 views

Assets Current Assets

The statement of financial position of SME Company as of December 31, 2032 shows total assets of ₱8,484,000 consisting of current assets of ₱3,110,000 and noncurrent assets of ₱5,374,000. Total liabilities are ₱3,694,000 comprising current liabilities of ₱1,613,000 and noncurrent liabilities of ₱2,081,000. Shareholders' equity is ₱4,790,000 with share capital of ₱1,500,000 and retained earnings of ₱3,290,000. The statement of income and retained earnings of Brook Corporation for

Uploaded by

Jere Mae Maranan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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1) SME Company

SME Company
Statement of Financial Position
December 31,2032

ASSETS
Current Assets
Cash and cash equivalents ₱230,000
Accounts Receivable, net of Allowance for doubtful receivables 1,700,000
Inventory 1,180,000
Total Current Assets 3,110,000

Noncurrent Asset
Property, Plant and Equipment, net of accumulated depreciation 2,874,000
Investment Property 2,500,000
Total Noncurrent Assets 5,374,000
TOTAL ASSETS ₱8,484,000

LIABILITIES AND SHAREHOLDERS' EQUITY


Current Liabilities
Trade Payables ₱250,000
Accrued Expense 3,000
Dividends Payable 100,000
Current Portion of long term debt 500,000
Interest Accrued on long term debt 230,000
Income tax Payable 130,000
Warranty Provision 400,000
Total Current Liabilities 1,613,000

Noncurrent Liabilities
Long Term debt 1,800,000
Environmental Provisions 281,000
Total Noncurrent Liabilities 2,081,000

Shareholders' Equity
Share Capital 1,500,000
Retained Earnings* 3,290,000
Total Shareholders' Equity 4,790,000
Total Liabilities and Shareholders' Equity ₱8,484,000

2) Brook Corporation
Brook Corporation
Statement of Income and Retained Earnings
For the Year Ended December 31, 2016

Sales ₱400,000
Cost of Goods Sold -280,000
Gross Profit 120,000
Operating Expenses -84,000
Profit from Operations 36,000
Interest Expense -4,000
Profit from continuing operations before income tax 32,000
Income tax expense -9,600
Profit from continuing operations 22,400
Discontinued operations, net of income tax 28,000
Profit ₱50,400
Retained Earnings, January 1, 2031 1,600,000
Correction of prior period error, net of income tax 11,200
Cumulative effect of change in accounting policy, net of income tax -16800
Dividends declared in 2031 -12000
Retained Earnings, December 31, 2031 ₱1,632,800
3) SME Company
₱5,000,000 / 20 years = ₱250,000 depreciation
A

4) SME Company

5)

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