Financial information of ABC Company for the year ended December 31, 2021.   Description   Debit   Credit   Cash on hand           40,000.00    Cash in bank         900,000.00    Petty cash fund           10,000.00    BSP Treasury bill, purchased on December 1, 2021 and due March 1, 2022         150,000.00    Financial assets at fair value         200,000.00    Financial assets at amortized cost      3,000,000.00    Investment in associate at equity method      1,000,000.00    Accounts receivable         580,000.00    Trade Notes receivable         100,000.00    Accrued interest on notes receivable           10,000.00    Advances to employees, collectible currently           30,000.00    Merchandise Inventory      1,500,000.00    Store supplies           50,000.00    Office supplies unused           30,000.00    Prepaid insurance           20,000.00    Land      1,500,000.00    Building      4,500,000.00    Equipment      1,000,000.00    Furniture and fixtures         400,000.00    Allowance for doubtful accounts             20,000.00  Accumulated depreciation - Building        1,900,000.00  Accumulated depreciation - Equipment           350,000.00  Accumulated depreciation - Furniture and fixtures           150,000.00  Expansion fund      2,000,000.00    Cash surrender value         100,000.00    Trademark      2,000,000.00    Long-term refundable deposit           20,000.00    Long-term advances to officers           80,000.00    Accounts payable           350,000.00  Income tax payable             50,000.00  Dividends payable           100,000.00  Accured expenses             85,000.00  Trade Notes payable           150,000.00  Note payable - short-term debt           400,000.00  Note payable - due July 1, 2023           600,000.00  Accured interest on note payable             15,000.00  Current portion of bonds payable           200,000.00  Bonds payable - remaining portion        1,800,000.00  Warranty liability             50,000.00  Deferred tax liability           100,000.00  Share capital        5,000,000.00  Share premium        2,000,000.00  Retained earnings appropriated for contingencies        1,150,000.00  Retained earnings        3,650,000.00  Gross Sales        9,300,000.00   Interest income           180,000.00  Dividend income           120,000.00  Gain from expropriation           500,000.00  Rent income           100,000.00  Foreign currency translation gain           150,000.00  Share in net income from associate           500,000.00  Sales discount         200,000.00    Sales return and allowances         100,000.00    Advertising          100,000.00    Bonuses         100,000.00    Casualty loss from earthquake         170,000.00    Delivery expense         250,000.00    Depreciation - office equipment           90,000.00    Depreciation - store equipment         150,000.00    Doubtful accounts           40,000.00    Freight-in         300,000.00    Gross Purchases      6,000,000.00    Income tax expense         580,000.00    Interest expense on bank loan           50,000.00    Interest expense on bonds payable         150,000.00    Loss on sale of investment           30,000.00    Loss on sale of property         120,000.00    Office salaries         650,000.00    Office supplies expense           70,000.00    Purchase discount           250,000.00  Purchase return and allowances           150,000.00  Sales commission         180,000.00    Sales Salaries         600,000.00    SSS and Philhealth - Office           30,000.00    SSS and Philhealth - Sales           20,000.00    Store supplies expense           50,000.00    Taxes and licenses           20,000.00    Unrealized loss on derivative contract designated as cash flow hedge         100,000.00    Total    29,370,000.00   29,370,000.00        Ending merchandise Inventory for the period is P2,000,000      PREPARE THE FINANCIAL STATEMENT OF POSITION AND STATEMENT OF COMPREHENSIVE INCOME. PLEASE

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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 Financial information of ABC Company for the year ended December 31, 2021. 
 Description   Debit   Credit 
 Cash on hand           40,000.00  
 Cash in bank         900,000.00  
 Petty cash fund           10,000.00  
 BSP Treasury bill, purchased on December 1, 2021 and due March 1, 2022         150,000.00  
 Financial assets at fair value         200,000.00  
 Financial assets at amortized cost      3,000,000.00  
 Investment in associate at equity method      1,000,000.00  
 Accounts receivable         580,000.00  
 Trade Notes receivable         100,000.00  
 Accrued interest on notes receivable           10,000.00  
 Advances to employees, collectible currently           30,000.00  
 Merchandise Inventory      1,500,000.00  
 Store supplies           50,000.00  
 Office supplies unused           30,000.00  
 Prepaid insurance           20,000.00  
 Land      1,500,000.00  
 Building      4,500,000.00  
 Equipment      1,000,000.00  
 Furniture and fixtures         400,000.00  
 Allowance for doubtful accounts             20,000.00
 Accumulated depreciation - Building        1,900,000.00
 Accumulated depreciation - Equipment           350,000.00
 Accumulated depreciation - Furniture and fixtures           150,000.00
 Expansion fund      2,000,000.00  
 Cash surrender value         100,000.00  
 Trademark      2,000,000.00  
 Long-term refundable deposit           20,000.00  
 Long-term advances to officers           80,000.00  
 Accounts payable           350,000.00
 Income tax payable             50,000.00
 Dividends payable           100,000.00
 Accured expenses             85,000.00
 Trade Notes payable           150,000.00
 Note payable - short-term debt           400,000.00
 Note payable - due July 1, 2023           600,000.00
 Accured interest on note payable             15,000.00
 Current portion of bonds payable           200,000.00
 Bonds payable - remaining portion        1,800,000.00
 Warranty liability             50,000.00
 Deferred tax liability           100,000.00
 Share capital        5,000,000.00
 Share premium        2,000,000.00
 Retained earnings appropriated for contingencies        1,150,000.00
 Retained earnings        3,650,000.00
 Gross Sales        9,300,000.00
  Interest income           180,000.00
 Dividend income           120,000.00
 Gain from expropriation           500,000.00
 Rent income           100,000.00
 Foreign currency translation gain           150,000.00
 Share in net income from associate           500,000.00
 Sales discount         200,000.00  
 Sales return and allowances         100,000.00  
 Advertising          100,000.00  
 Bonuses         100,000.00  
 Casualty loss from earthquake         170,000.00  
 Delivery expense         250,000.00  
 Depreciation - office equipment           90,000.00  
 Depreciation - store equipment         150,000.00  
 Doubtful accounts           40,000.00  
 Freight-in         300,000.00  
 Gross Purchases      6,000,000.00  
 Income tax expense         580,000.00  
 Interest expense on bank loan           50,000.00  
 Interest expense on bonds payable         150,000.00  
 Loss on sale of investment           30,000.00  
 Loss on sale of property         120,000.00  
 Office salaries         650,000.00  
 Office supplies expense           70,000.00  
 Purchase discount           250,000.00
 Purchase return and allowances           150,000.00
 Sales commission         180,000.00  
 Sales Salaries         600,000.00  
 SSS and Philhealth - Office           30,000.00  
 SSS and Philhealth - Sales           20,000.00  
 Store supplies expense           50,000.00  
 Taxes and licenses           20,000.00  
 Unrealized loss on derivative contract designated as cash flow hedge         100,000.00  
 Total    29,370,000.00   29,370,000.00
     
 Ending merchandise Inventory for the period is P2,000,000     

PREPARE THE FINANCIAL STATEMENT OF POSITION AND STATEMENT OF COMPREHENSIVE INCOME. PLEASE ASAP. 

ABC Company
Statement of Comprehensive Income
For the year ended December 31, 2021
Note
Net Sales
10
Less: Cost of goods sold
Gross profit
11
Other income
12
Investment income
13
Total income
Less: Expenses
Distribution costs
14
Adminsitrative expenses
15
Other expenses
16
Finance cost
17
Income before tax
Less: Income tax expense
Net Income
OCI to be reclassfied to profit or loss:
Comprehensive Income
Transcribed Image Text:ABC Company Statement of Comprehensive Income For the year ended December 31, 2021 Note Net Sales 10 Less: Cost of goods sold Gross profit 11 Other income 12 Investment income 13 Total income Less: Expenses Distribution costs 14 Adminsitrative expenses 15 Other expenses 16 Finance cost 17 Income before tax Less: Income tax expense Net Income OCI to be reclassfied to profit or loss: Comprehensive Income
ABC COMPANY
Statement of Financial Position
December 31, 2021
ASSETS
Note
Current assets:
Cash and cash equivalents
1
Financial assets at fair value
Trade and other receivables
Merchandise Inventory
Prepaid expenses
Total Current assets
2
3
Noncurrent assets:
Property, plant and equipment
Investment in associate, at equity
Long-term investment
Intangible assets
Other noncurrent assets
4
6
7
Total noncurrent assets
Total assets
LIABILITIES AND EQUITY
Current liabilities:
Trade and other payables
Note payable - short-term debt
Current portion of bonds payable
Warranty liability
Total current liabilities
8
Noncurrent liabilities:
Bonds payable - remaining portion
Notes payable - due July 1, 2023
Deferred tax liability
Total noncurrent liabilities
Shareholders' equity
Share capital
Reserves
9
Retained earnings
Total liabilities and shareholders' equity
Transcribed Image Text:ABC COMPANY Statement of Financial Position December 31, 2021 ASSETS Note Current assets: Cash and cash equivalents 1 Financial assets at fair value Trade and other receivables Merchandise Inventory Prepaid expenses Total Current assets 2 3 Noncurrent assets: Property, plant and equipment Investment in associate, at equity Long-term investment Intangible assets Other noncurrent assets 4 6 7 Total noncurrent assets Total assets LIABILITIES AND EQUITY Current liabilities: Trade and other payables Note payable - short-term debt Current portion of bonds payable Warranty liability Total current liabilities 8 Noncurrent liabilities: Bonds payable - remaining portion Notes payable - due July 1, 2023 Deferred tax liability Total noncurrent liabilities Shareholders' equity Share capital Reserves 9 Retained earnings Total liabilities and shareholders' equity
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