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Cash and Cash Equivalents 6 1,060,000 Trade and Other Receivables 7 1,770,000 Inventories 1,200,000 Held For Trading Securities 800,000

The document presents the statement of financial position of Friendship Co. as of December 31, 20x1, with current assets totaling $39.35 million, non-current assets totaling $24.33 million, current liabilities of $18.28 million, non-current liabilities of $2.06 million, and total equity of $43.34 million. Various notes provide additional details on items in the statement such as cash balances, receivables, inventories, property and equipment, payables, loans, and components of retained earnings. The statement shows the company has total assets of $63.68 million and maintains a strong

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Hazel Kaye Espelita
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73 views

Cash and Cash Equivalents 6 1,060,000 Trade and Other Receivables 7 1,770,000 Inventories 1,200,000 Held For Trading Securities 800,000

The document presents the statement of financial position of Friendship Co. as of December 31, 20x1, with current assets totaling $39.35 million, non-current assets totaling $24.33 million, current liabilities of $18.28 million, non-current liabilities of $2.06 million, and total equity of $43.34 million. Various notes provide additional details on items in the statement such as cash balances, receivables, inventories, property and equipment, payables, loans, and components of retained earnings. The statement shows the company has total assets of $63.68 million and maintains a strong

Uploaded by

Hazel Kaye Espelita
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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Morning

Statement of Fina
As of Decembe
Notes
Assets
Current Assets
Cash and Cash Equivalents 6 1,060,000
Trade and other receivables 7 1,770,000
Inventories 1,200,000
Held for trading securities 800,000
Total: 4,830,000

Non-Current Asset

Investment in equity securities- FVOCI 300,000


Property,Plant and Equipments 8 5,800,000
Total: 6,100,000

Total Assets: 10,930,000


Morning Co.
Statement of Financial Position
As of December 31, 20x1
Notes
Liabilities
Current Liabilities
Trade and other payables 9 1,140,000
Provision for probable loss on a lawsuit 430,000
Income tax Payable 500,000
Total: 2,070,000

Non-Current Liabilities
Deferred tax liability 300,000
Loans payable 10 2,260,000
Total: 2,560,000

Equity
Ordinary share capital 4,000,000
Share premium 600,000
retained earnings 11 1,640,000
Other components of equity 60,000
Total: 6,300,000

Total Liabilities and Equity 10,930,000


Note 6: Cash and Cash Equivalents
Cash on hand 60,000
Cash in bank 1,000,000
Cash and cash equivalents 1,060,000

Note 7: Trade and other receivables


Accounts receivable 2,000,000
Advances to suppliers 30,000
Advances to employees 40,000
allowance for doubtful accounts -300,000
Trade and other receivables 1,770,000

Note 8: Property,Plant and Equipments


Investment property 900,000
Land 2,200,000
Building 3,400,000
Accumulated depreciation - Bldg. -700,000
Property,Plant and Equipments 5,800,000

Note 9: Trade and other payables


Account Payable 720,000
Accrued Liabilities 80,000
interest payable ( due in 20x2) 340,000
Trade and other Payables 1,140,000

Note 10: Loans payable


Loan payable ( due in 20x3) 3,000,000
Discount on loan payable -740,000

Long term borrowings 2,260,000

Note 11: Other components of Equity


revaluation surplus 90,000
translation loss on foreign operation -30,000
Other components of equity 60,000
Note 6: Cash and Cash Equivalents
Cash on hand 62,350
Cash in bank- BPI (savings) 1,720,500
Cash in bank- BPI (Current) 1,890,234
Cash in bank- BDO (current) 567,891
Cash and Cash Equivalents 4,240,975

Note 7: Trade and other receivables


Account Receivable 8,341,689
Allowance for doubtful accounts -347,182
Advances to employees 57,610
Advances to suppliers 34,981
interest receivable ( due on mar. 1 20x2) 946,013
Trade and other receivables 9,033,111

Note 8: Inventories
Raw materials inventory 1,237,398
work in process inventory 7,987,908
finished goods inventory 12,892,309
inventories 22,117,615

Note 9: Property,Plant and Equipments


Land 8,980,751
Building 3,419,877
Accumulated depreciation-Bldg. -712,930
Equipment 917,387
Accumulated depreciation-Equipt. -234,125
Property,Plant and Equipments 12,370,960

Note 10: trade and other payables


Accounts Payable 9,071,239
Accrued Liabilities 889,712
interest payable ( due on july 1, 20x2) 341,782
Trade and other Payables 10,302,733

Note 11: Loans payable


Loans payable (due in 20x2) 8,000,000
Discount on loan payable -746,252
Loans payable 7,253,748

Note 12: Retained Earnings


Retained earnings - unrestricted 15,144,664
Retained earnings - appropriated 1,200,000
Retained Earnings 16,344,664

Note 13: other components of equity


revaluation surplus 873,984
unrealized gains on equity securities- FVOCI 123,412
Other components of equity 997,396
Loans receivable
Loan receivable ( due in 20x4) 9,827,341
Unearned income interest -1,234,819
8,592,522
Friendship
Statement of Finan
As of December
Notes
Assets
Current Assets
Cash and cash equivalents 4 4,240,975
Trade and other receivables 5 9,033,111
Inventories 6 22,117,615
Held for trading securities 2,834,079
Prepaid income tax 234,125
Prepaid supplies 890,239
Total: 39,350,144

Non-Current Assets
Loan Receivable 7 8,592,522
Investment in equity securities-FVOCI 987,234
investment in associate 1,290,347
Property,Plant and Equipments 8 12,370,960
Deferred tax asset 1,092,387
Total: 24,333,450

Total Assets 63,683,594


Friendship Co.
Statement of Financial Position
As of December 31, 20x1
Notes
Liabilities
Current Liabilities
Trade and other payables 9 10,302,733
Income tax Payable 721,346
Loans payable 7,253,748
Total: 18,277,827

Non-Current Liabilities
Deferred tax liability 10 918,732
deferred credits 712,788
provision for warranty obligations 432,187
Total: 2,063,707

Ordinary Share Capital 20,000,000


Share premium 11 6,000,000
Retained Earnings 12 16,344,664
Other components equity 997,396
Total: 43,342,060

Total Liabilities and Equity: 63,683,594


1. Cash 70,000
Account Receivables (96K-2K) 94,000
Inventories (60K+26K) 80,000
Total: C 244,000

2. Account Payable 15,000


Bonds Payable, due 20x4 25,000
Discounts on bond payable, due 20x4 -3,000
Dividends payable 1/31/x4 8,000
Total : A 45,000

3.Earnings from long term contracts 6,680,000


Cost and expenses -5,180,000
1,500,000 0.3 450,00
tax expense -450,000
1,050,000
retained earnings- unappropriated 900,000
retained earnings- restricted for note payable 160,000
Total: B 2,110,000
4.Note payable - non current 1,620,000
Total: A 1,620,000

5. Cash 600,000
Account receivable,net 3,500,000
Cost in excess of billings on long term contracts 1,600,000
Total: C 5,700,000

6.Reported net asset 875,000


Treasury shares of mont, inc. ast cost -24,000
Total: A 851,000

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