Sister Company provided the following information for 2020: Current asset, Jan 1-P240,000; Property, Plant and Equipment, Jan 1-P1,600,000; Non-current liabilities-P580,000; Property, Plant and Equipment, Dec 31-P1,700,000; Current liabilities-P130,000. All assets are reported at year-end. Working capital of P90,000 remained unchanged. Net income for 2021was P60,000. No dividend was declared during the year and there were no other changes in the shareholders’ equity. How much is the amount of current assets on Dec. 31, 2020? How much is the shareholders’ equity on Dec. 31, 2020?
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Sister Company provided the following information for 2020: Current asset, Jan 1-P240,000; Property, Plant and Equipment, Jan 1-P1,600,000; Non-current liabilities-P580,000; Property, Plant and Equipment, Dec 31-P1,700,000; Current liabilities-P130,000. All assets are reported at year-end.
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- Data for 19 and 20 Ahn Jung Ha Company provided the following information for 2020: Current asset, Jan 1- P240,000; Property, Plant and Equipment, Jan 1- P1,600,000; Non-current liabilities- P580,000; Property, Plant and Equipment, Dec 31-P1,700,000; Current liabilities- P130,000. All assets are reported at year-end. Working capital of P90,000 remained unchanged. Net income for 2021 was P60,000. No dividend was declared during the year and there were no other changes in the shareholders' equity. 19. How much is the amount of current assets on Dec. 31, 2020? A. P40,000 B. P90,000 C. P130,000 D. P220,000 20. How much is the shareholders' equity on Dec. 31, 2020? A. P1,050,000 B. P1,080,000 C. P1,110,000 D. P1,210,000During 2020, ABC Company constructed various assets. The weighted average expenditures for capitalization of interest during 2021 amounted to P 5,600,000. The entity had the following debt outstanding at December 31, 2021:• From BPI (specific borrowing), P 3,600,000, 10%• From BDO (general borrowing), P 4,000,000, 12%• From PNB (general borrowing), P 2,000,000, 9%1) What is the capitalized borrowing costs for the year ended December 31, 2020?P580,000P360,000P800,000P440,0002) What is the interest expense for the year ended December 31, 2020?P580,000P480,000P660,000P440,000During 2021, Tiktok Company constructed various assets. The weighted average expenditures for capitalization of interest during 2021 amounted to P 5,600,000. The entity had the following debt outstanding at December 31, 2021: • From BPI (specific borrowing), P 3,600,000, 10% • From BDO (general borrowing), P 4,000,000, 12% • From PNB (general borrowing), P 2,000,000, 9% QUESTION 1: What is the capitalized borrowing costs for the year ended December 31, 2021? I Select 1 QUESTION 2: What is the interest expense for the year ended December 31, 2021? I Select 1
- Ana Inc. provided the following information for the current year: Current asserts, January 1 P500,000 Property, plant and equipment, January 1 P3,000,000 Noncurrent liabilities, January 1 P1,000,000 Property, pant and equipment, December 31 P4,000,000 Current liabilities, December 31 P300,000 All assets and liabilities are reported at year end. Working capital of P600,000 remain unchanged. Net income for the current year is P400,000. No dividends were declared during the current year. What is the shareholders' equity on December 31?A. 1,800,000B. 4,800,000C. 3,800,000D. 2,800,000A Corporation began construction work in 2019 for a project with a contract price of P8,000,000. The Corporation uses the percentage-of-completion (Over time) method. The financial statements for 2019 relating to the contract shows the following: Accounts receivable P500,000 Construction in progress 1,600,000 Progress billings to date 1,500,000 Gross profit earned in 200,000 1.) Compute the cash collections for the year 2019 2.) Compute the costs incurred to date on the year 2019.National Corporation had net current assets of P2,500,000 at the end of 2022 and P1,800,000 at the end of 2021. In addition, National Co. had net spontaneous current liabilities of P1,500,000 in 2022 and P1,300,000 in 2021. Using this information, National Co.'s net current asset investment for 2022 was * A Sample format: 111,111 or (111,111)
- During 2023, Blossom Company constructed various assets at a total cost of $4.10 million. The weighted- average accumulated expenditures on assets qualifying for capitalization of interest during 2023 were $2.80 million. The company had the following debts outstanding at December 31, 2023: 1. 2. 8%, five-year note to finance construction of various assets, dated January 1, 2023, with interest payable annually on January 1 $1,780,000 3. 10%, ten-year bonds issued at par on December 31, 2018, with interest payable annually on December 31 $2,040,000 7%, three-year note payable, dated January 1, 2022, with interest payable annually on January 1 $1,020,000 Calculate the total interest to be capitalized for 2023. Total interest to be capitalizedMusic Corporation had current assets of P2,000,000 at the end of 2020 and P1,800,000 at the end of 2019. In addition, Music had current liabilities of P1,000,000 in 2020 and P1,500,000 in 2019. Using this information, Music’s net current asset investment for 2020 was P700,000 P(300,000) P300,000 P(700,000)Capitalization of interest During 2020, Barden Building Company constructed various assets at a total cost of: $14,700,000 The weighted average accumulated expenditures on assets qualifying for capitalization of interest during 2020 were: $9,800,000 The company had the following debt outstanding at December 31, 2020: (Hint : specific construction debt) 1. 10%, 5-year note to finance construction of various assets, dated January 1, 2020, with interest payable annually on January 1 $6,300,000 (Hint : other debt) 2. 12%, ten-year bonds issued at par on December 31, 2014, with interest payable annually on December 31 $7,000,000 3. 9%, 3-year note payable, dated January 1, 2019, with interest payable…
- Following is a list of items relating to the financial statements of YKN Bhd for the year ended 31December 2020• Amortisation of intangible assets of RM346,339• Corporate tax rate is at 24%.• Finance costs of RM831,138• Finance income of RM173,421• Gain due to exchange differences from translating functional currencies into presentationcurrency of RM120,000• Gain on disposals of major subsidiaries amounted to RM1,500• Gain on sales of manufacturing operating segment of RM100,000• Gains on re-measuring available-for-sale investment of RM80,000• Loss on litigation settlements of RM2,125,000• Loss amounted to RM450,000 due to disposal of its cotton mills, which constitute amajor line of business• Loss arising from translating the financial statements of a foreign operation of RM33,000• Loss from disposal of financial assets of RM50,000• Loss on disposals of items of property, plant and equipment of RM34,000• Loss on impairment of goodwill of RM110,000• Loss on re-measuring financial…Following is a list of items relating to the financial statements of YKN Bhd for the year ended 31December 2020• Amortisation of intangible assets of RM346,339• Corporate tax rate is at 24%.• Finance costs of RM831,138• Finance income of RM173,421• Gain due to exchange differences from translating functional currencies into presentationcurrency of RM120,000• Gain on disposals of major subsidiaries amounted to RM1,500• Gain on sales of manufacturing operating segment of RM100,000• Gains on re-measuring available-for-sale investment of RM80,000• Loss on litigation settlements of RM2,125,000• Loss amounted to RM450,000 due to disposal of its cotton mills, which constitute amajor line of business• Loss arising from translating the financial statements of a foreign operation of RM33,000• Loss from disposal of financial assets of RM50,000• Loss on disposals of items of property, plant and equipment of RM34,000• Loss on impairment of goodwill of RM110,000• Loss on re-measuring financial…National Corporation had net current assets of P2,500,000 at the end of 2022 and P1,800,000 at the end of 2021. In addition, National Co. had net spontaneous current liabilities of P1,500,000 in 2022 and P1,300,000 in 2021. Using this information, National Co.'s net current asset investment for 2022 was