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    Financial Midterm Examination

    Uploaded by

    Hanabusa Kawaii Idou
    1. The document provides the statement of financial position for Cheating and Copying Company as of December 30, 2020. 2. It lists the company's current assets of $1,630,560 including cash, marketable securities, accounts receivable, and inventory. Non-current assets total $3,996,000 including plant and equipment. 3. Total assets are $5,626,560. Liabilities include current liabilities of $2,131,000 and non-current liabilities of $1,970,000, for total liabilities of $4,101,000. Owner's equity is $1,525,560 including retained earnings and common stock.

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    Financial Midterm Examination

    Uploaded by

    Hanabusa Kawaii Idou
    69 views3 pages
    1. The document provides the statement of financial position for Cheating and Copying Company as of December 30, 2020. 2. It lists the company's current assets of $1,630,560 including cash, marketable securities, accounts receivable, and inventory. Non-current assets total $3,996,000 including plant and equipment. 3. Total assets are $5,626,560. Liabilities include current liabilities of $2,131,000 and non-current liabilities of $1,970,000, for total liabilities of $4,101,000. Owner's equity is $1,525,560 including retained earnings and common stock.

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    Marilou G Ulayan

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    1. The document provides the statement of financial position for Cheating and Copying Company as of December 30, 2020. 2. It lists the company's current assets of $1,630,560 including cash, marketable securities, accounts receivable, and inventory. Non-current assets total $3,996,000 including plant and equipment. 3. Total assets are $5,626,560. Liabilities include current liabilities of $2,131,000 and non-current liabilities of $1,970,000, for total liabilities of $4,101,000. Owner's equity is $1,525,560 including retained earnings and common stock.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    69 views3 pages

    Financial Midterm Examination

    Uploaded by

    Hanabusa Kawaii Idou
    1. The document provides the statement of financial position for Cheating and Copying Company as of December 30, 2020. 2. It lists the company's current assets of $1,630,560 including cash, marketable securities, accounts receivable, and inventory. Non-current assets total $3,996,000 including plant and equipment. 3. Total assets are $5,626,560. Liabilities include current liabilities of $2,131,000 and non-current liabilities of $1,970,000, for total liabilities of $4,101,000. Owner's equity is $1,525,560 including retained earnings and common stock.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Marilou G.

    Ulayan
    Bs-accountancy
    2nd year regular
    FINANCIAL MIDTERM EXAMINATION
    Part I
    1. Economic growth is an increase in the product of economic goods and services,
    compared from of time to another. For me yes.
    2. In a planned command economic have certain advantages over free market
    economies, especially in terms of the coordination.
    3. When you make sales to customers, you immediately recognized the income
    statement.
    4. Shows what percentage of your sales is actual profit. After factoring in cost of goods
    sold, operating cost and taxes. To calculate your net profit margin, divide your net
    income by your total sales revenue.
    5. Financial institution is an intermediary between consumers and the capital
    investment services.
    6. Investment using pooled funds that employ different strategies to earn returns, or
    alpha, for their investment
    7. The absence of government intervention, being a monopoly need profitable than
    other enterprises that face computation.
    8. Increase in capital goods, labor force, technology, and human capital can all
    contribute to economic growth. Commonly measured in terms of the increase in
    aggregated market value of additional goods and services produced, using estimates
    such as GDP.
    9. For me the Philippines is belong to development countries.
    10. Financial markets play a critical role in the accumulation of capital and the
    production of goods and services. We need to study a financial market because it's
    helps in the efficiency direct flow of savings and investment in economy.
    Part II

    Cheating and Copying Company

    Statement of Financial Position

    As of December 30, 2020

    ASSET
    Current Asset
    Cash P 1,050,000
    Marketable Securities 40,000
    Accounts Receivable 450,000
    Allowance for doubtful accounts (85,000)
    Provisions (13,940)
    Raw Materials 40,000
    Work in Process 46,500
    Direct Labor 40,000
    Finished Goods 35,000
    Prepaid Insurance 12,000
    Prepaid Expenses 16,000
    Total Current Asset P 1,630,560

    Non-Current Asset
    Cash & Life Insurance P 121,000
    Plant, Property & Equipment 1,350,000
    Accumulated Depreciation (695,000)
    Goodwill 1,020,000
    Fixed Assets 1,200,000
    Other Intangibles 1,000,000
    Total Non-Current Asset P 3,996,000
    Total Asset P 5,626,560

    LIABILITIES
    Current Liabilities
    Accounts Payable P 1,040,000
    Bank Due 84,000
    Unearned Revenue 46,000
    Notes Payable 881,000
    Current Portion of Long-Term Debt 80,000
    Total Current Liabilities P 2,131,000
    Non-Current Liabilities
    Bonds Payable P 650,000
    Long Term Loans 1,320,000
    Total Non-Current Liabilities P 1,970,000
    Total Liabilities P 4,101,000
    OWNER’S EQUITY
    Retained Earnings P 297,560
    Additional Paid in Capital 98,000
    Common Stock 450,000
    Treasury Stock 680,000
    Total Owners Equity P 1,525,560

    Total Liabilities and Owners Equity P 5,626,560

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