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    Seatwork Far3

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    Mansour Hamja
    The entity provided a trial balance and additional financial information on December 31, 2017. Total retained earnings should be reported as $2,400,000, consisting of $900,000 unappropriated retained earnings and $150,000 restricted for the note payable plus $1,350,000 in income tax expense. Total noncurrent liabilities should be reported as $1,600,000 for the note payable. Total current assets should be reported as $5,700,000. Total shareholders' equity should be reported as $4,900,000.

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    Seatwork Far3

    Uploaded by

    Mansour Hamja
    55 views3 pages
    The entity provided a trial balance and additional financial information on December 31, 2017. Total retained earnings should be reported as $2,400,000, consisting of $900,000 unappropriated retained earnings and $150,000 restricted for the note payable plus $1,350,000 in income tax expense. Total noncurrent liabilities should be reported as $1,600,000 for the note payable. Total current assets should be reported as $5,700,000. Total shareholders' equity should be reported as $4,900,000.

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    The entity provided a trial balance and additional financial information on December 31, 2017. Total retained earnings should be reported as $2,400,000, consisting of $900,000 unappropriated retained earnings and $150,000 restricted for the note payable plus $1,350,000 in income tax expense. Total noncurrent liabilities should be reported as $1,600,000 for the note payable. Total current assets should be reported as $5,700,000. Total shareholders' equity should be reported as $4,900,000.

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    55 views3 pages

    Seatwork Far3

    Uploaded by

    Mansour Hamja
    The entity provided a trial balance and additional financial information on December 31, 2017. Total retained earnings should be reported as $2,400,000, consisting of $900,000 unappropriated retained earnings and $150,000 restricted for the note payable plus $1,350,000 in income tax expense. Total noncurrent liabilities should be reported as $1,600,000 for the note payable. Total current assets should be reported as $5,700,000. Total shareholders' equity should be reported as $4,900,000.

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    of 3

    l . An ~ntity provided the follo\1.

    ing trial balance on December 31, 2017 which has been adjusted except
    for income ta.x expense:

    Cash
    600.000
    Accounts receivable, net 3,500,000
    Cost in excess of billings on long-term contracts 1,600,000
    Billings in excess of cost on long-term contracts 700,000
    Prepaid taxes 450,000
    Property, plant and equipment, net 1,500,000
    Note payable - noncurrent 1,600,000
    Share capital 2,000,000
    Share premium 800,000
    Retained earnings unappropriated 900,000
    Retained earnings restricted for note payable 150,000
    Earnings from Iong-tenn contracts 7,000,000
    Costs and expenses 5,500,000
    13.150,0QQ 13,150.000
    • The entity used the percentage of completion method to account for long-term construction
    contracts for financial statement and income tax purposes. All receivables on these contracts are
    considered to be collectible withir. 12 months.

    • During the curr~nt year, estimated tax paymer.ts of P450,000 were charged to prepaid twces. The
    entity has not recorded income tax expense. There were no temporary or permanent differences.
    The tax rate is 30%.

    On December 3 I, 2017, what amount should be reported as

    I. Total retained earnings?


    a. 1,950,000
    b. 2,100,000
    C. 2,400,000
    d. 2,550,000

    2. Total noncurrent liabilities?


    a. 1,600,000
    b. 1,750,000
    C. 2,300,000
    d. 2,450,000

    3. Total current assets?


    a. 5,000,000
    b. 4,100,000
    C. 5,700,000
    d. 6,225,000

    4. Totai shareholders' equity?


    a. 2,800,000
    b. 3,700,000
    C. 4,900,000
    d. 4,750,000
    An entity provided the fo llowing statement of financial position on December 31.2017:

    CUITent assets 2,700,000 Current liabilities 2,500,000


    Other assets 6,600,000 Other liabilities 2,000,000
    Equity 4,800,000
    c _ash and cash equivaknts 500,000
    Fmancial assets held for trading 600,000
    Accounts receivable 750,000
    Inventories 850,000
    Total current assets 2,700,000
    Property, plant and equipment, cost P6,000,000 4,000,000
    Advan~es to subsidiary 2,250,000
    Goodwill recorded to cancel losses incurred by the entity in prior years 350,000
    Total other assets 6,600,000
    Accrued expenses 100,000 ,
    Customers' deposit 400,000
    Advances from officer, not payable currently 200,000
    Accounts payable 1,000,000
    Note payable-bank due December 31, 2018 800,000
    Total current liabilities 2,500.000
    Other liabilities included bonds payable in annual installment of P500,000 2,000.000
    I

    Share capital \\-ith P 100 par value was originally issued and credited for a total consideration of
    P5,500,000 but the losses of the entity for past years were charged against the share capital.

    l . \\'hat a'llount should be reported as total assets?


    a. 8,950,000
    b. 9,300,000
    C'. 6,700,000
    d. 2,700,000
    1
    What amour1t should be reported as total current liabilities?
    a. 1,500,000
    b. 2,000,000
    C. 2,800,000
    d . 4,500,000

    What amount should be repoited as total shareholders' equity?


    a. 4,800,000
    :,. 5,500,000
    ,. 5,000,000
    ,. 4,450,000
    4. An entity provided the following net of tax figures for the current year:
    Net income 7,700,000
    Net remeasurement loss on defined benefit plan 300,000
    Unrealized gain on available for sale securities ' 1,500,000
    Reclassification adjustment for gain on sale of available for sale securities included
    in net income 250,000
    Share warrants outstanding 400,000
    Cumulative effect of change in accowiting policy - credit 500,000
    Interest revenue · 100,000
    Equity in associate' s earnings 300,000
    Prior period error - underdepreciation 200,000
    /
    1. Whal is the net amount of other comprehensive income?
    a. 1?250,000
    b. 1i200,000
    C. 11800,000
    d. 950,000 •
    I

    2. What is the comprehensive income for the current year?


    a. 8;650,000
    b. 8J900,000
    C. 8~950,000
    d. 9,oso,ooo

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