Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable - bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet is
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- Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers’ accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet isABC Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 17. Total current assets reported in the December 31, 2021 balance sheet is a. 176,000 b. 156,000 c. 173,000 d. 170,000FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumulated depreciation P200,000 Allowance for uncollectible accounts P76,000 Cash P200,000 Property, plant and equipment P900,000 Supplies P30,000 How much is the Current Assets in the Statement of Financial Position as of December 31, 2021?
- Flint Corp. Statement of Financial Position For the Year Ended December 31, 2023 Current assets Cash (net of bank overdraft of $40,000 ) $450,000 Accounts receivable (net) Inventory at the lower of cost and net realizable value FV-NI investments (at cost-fair value $320,000 ) Property, plant, and equipment Buildings (net) 590,000 Equipment (net) 190,000 Land held for future use ,265,000 Intangible assets Goodwill Investment in bonds to collect cash flows, at amortized cost 100,000 Prepaid expenses Current liabilities Accounts payable 365,000 Notes payable (due next year) Pension obligation Rent payable 505,000 511,000 340,000 265,000 Long-term liabilities Bonds payable 681,000 Shareholders' equity Common shares, unlimited authorized, 380,000 issued 380,000 Contributed surplus 210,000 Retained earningsPresented below are selected accounts of Cheyenne Company at December 31, 2025, Inventory (hinished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion 1 2 3. 4. 5. 6. 7. The following additional Information is available. $57,100 99,000 259,100 Currere Assets Current Liblikies Intangibis Assess Long-term invaimenta Long-term Lieblises Property Plant and Equipment Stockholders Equity Total Assets 41,700 Total Currans Assss Total Current Liablisis Total Intangis Assets Total Liabilities Total Liabilities and Stockholders Equity Total Long sam Inveaimanta Total Long-tarm Labiss Total Property, Plant, and Equipmara Total Stocichaldars Equlty 42,600 32,700 42,900 50,800 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,105,600 37,200 CHEYENNE COMPANY…Presented below is selected information pertaining to the Cone Company:§ Cash balance, January 1, 2021- P13,000§ Accounts receivable, January 1, 2021- P19,000§ Collections from customers in 2021- P210,000§ Capital account balance, January 1, 2021- P38,000§ Total assets, January 1, 2021- P75,000§ Cash investment added, July 1, 2021-P5,000§ Total asset, December 31, 2021- P101,000§ Cash balance, December 31, 2021- P20,000§ Accounts receivable, December 31, 2021- P36,000§ Merchandise taken for personal use during 2021- P11,000§ Total liabilities, December 31, 2021- P41,000How much is the net income for 2021? A. 28,000 B. 26,000 C. 30,000 D. 22,000
- The comparative statement of financial position and statement of comprehensive income of Keriboom on December 31, 2021 are shown below: Keriboom Statement of Financial Position As of December 31, 2021 ASSETS 2021 2020 Cash and cash equivalents 440,000 200,000 Trade and other receivables 130,000 120,000 Inventory 120,000 480,000 Prepaid assets 40,000 160,000 Total current assets 730,000 960,000 Property, plant & equipment 760,000 440,000 Total noncurrent assets 760,000 440,000 TOTAL ASSETS 1,490,000 1,400,000 LIABILITIES Trade and other payables 620,000 560,000 EQUITY Owner’s capital 870,000 840,000 TOTAL LIABILITIES & EQUITY 1,490,000 1,400,000 Entity A Statement of Comprehensive Income For the year ended December 31, 2021 Sales 1,000,000…The following information was extracted from the records of SydMel Ltd for the year ended30 June 2021.SydMel LtdStatement of Financial Position (Extract)As at 30 June 2021AssetsAccounts receivables $26,000Allowance for doubtful debts 2,500 $23,500Equipment 150,000Accumulated depreciation – Equipment (20% per year) 30,000 120,000LiabilitiesInterest Payable 2,000 2,000Provision for employee benefits 5,000 5,000Additional information• The allowed deductible tax depreciation rate for Equipment is 25%.• None of the employee benefits has been paid. It is not deductible for tax purposes untilit is actually paid.• The tax rate is 30%.Requireda. Prepare a deferred tax worksheet to identify the temporary differences arising inrespect of the assets and liabilities in the statement of financial position, and tocalculate the balance of the deferred tax liability and deferred tax asset accounts at30 June 2021. Assume the opening balances of the deferred tax accounts were $3,000for Deferred Tax…Compute total current assets. * The December 31,2021, Statement of Financial Position of REED Company contained the following current assets; Cash and cash equivalents - P2,400,525; Accounts receivable, net - P1,775,500; Inventories P 387,270; Prepaid expenses - P500,000 An examination revealed that: • Cash includes P400,000 set aside for plant expansion, cash in bank which is net of hank overdraft, P13,000 and petty cash fund including IOUs of employees totaling, P3,500 Accounts receivable - includes accounts with credit balances of P45,000, accounts for write-off, P12,500 • lventories destination, P85,750 • Prepaid expenses includes goods held on consignment, P27,0O00, gödds in transit to customers, FOB consist of an insurance applicable for 6 months starting September 16, 2021, P96,000 Your answer
- Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…Sunland Company had net income for 2021 of $2960000. Additional information is as follows: Depreciation of plant assets $1204000 Amortization of intangibles 244000 Increase in accounts receivable 418000 Increase in accounts payable 546000 Sunland's net cash provided by operating activities for 2021 was $4536000. $4280000. $2656000. $4408000.Lindsay Corporation had net income for 2021 of $3,000,000. Additional information is as follows: Depreciation of plant assets Amortization of intangibles Increase in accounts receivable Increase in accounts payable $1,200,000 240,000 420,000 540,000 Lindsay's net cash provided by operating activities for 2021 was $2,680,000. $4,440,000. $4,320,000. $4,560,000.