Australia Corporations trial balance contained the following account balances at December 31, 2021 Accumulated depreciation Equipment P900,000 Trading securities 300,000 Prepaid insurance 60,000 Cash 660,000 Inventory 1,800,000 Equipment and furniture 1,080,00 Patent 240,000 Accounts receivable (net) 960,000 Land (held for future business sites) 1,500,000 How much is the total current assets in Americas December 31, 2021, balance sheet Adelaide Company reported the following items in its December 31, 2021 trial balance Accounts payable P2,178,000 Advances to employees 90,000 Unearned rent revenue 576,000 Estimated liability under warranties 516,000 Cash surrender value of officers life insurance 150,000 Bonds payable 10,000,000 Discounts on bonds payable 450,000 Trademarks 780,000 How much should Amsterdam report as total liabilities in its December 31, 2021 balance sheet Android Company had the following items at December 31, 2021 Accounts payable P 330,000 Unsecured notes, 9 , due July 1, 2022 800,000 Accrued expenses 210,000 Contingent liability 2,700,000 Deferred income tax liability 150,000 Serial bonds, 5 due March 31, 2022 6,000,000 The contingent liability is an accrual for possible losses on a P6,000,000 lawsuits filed against Android Company Android legal counsel expects the suit to be settled in 2022 The counsel has estimated that Android will be liable for damages in the amount of P2,700,000 The deferred income tax liability is not related to an asset for financial reporting and is expected to be reverse in 2022 What is the amount of current liabilities that Android should report in its December 31, 2018 balance sheet Austria Company began operations on January 1, 2020with P2,000,000 from the issuance of stock and borrowed funds of P900,000 Net income for 2020 was P600,000 and Austria paid a P450,000 cash dividend on December 19, 2020 No additional transactions affected owners equity in 2020 at December 31, 2020, liabilities of the company had increased to P1,194,000 In Austrias Decmber 31, 202 balance sheet, how much should be reported as its total assets A draft of Alabama Companys 2021 balance sheet reported total assets of P1,093,750 of which the following items were included Treasury shares of Alabama Company at cost, which approximate market value on December 31 P30,000 Unamortised patents 14,000 Cash surrender value of life insurance on corp executives 17,125 Translation adjustment debit 10,500 At what amount should Alabamas total assets be correctly reported in its December 31, 2021 balance sheet Afghanistan Company reported total assets of P2,100,000 and total liabilities of P1,360,000 in its December 31, 2021 balance sheet The following transactions occurred during 2014 On August 1, Afghanistan Company issued an additional 10,000 ordinary shares at P25 per share The company paid dividends totalling P160,000 Net income during the year was P220,000 Reacquired treasury shares of 4,000 at P30 subsequently reissued 2,000 shares for P39 per share No other changes occurred in Stockholders Equity during the year What is the balance of Afghanistans Stockholders Equity section in its December 31, 2021 balance sheet America Companys adjusted trial balance at December 31, 2021 includes the following accounts balances Ordinary shares capital, P3 par P3,000,000 Subscriptions Receivable due 2022 300,000 Share premium 4,000,000 Treasury shares, at cost 250,000 Net unrealized holding loss on available for sale securities 100,000 Appropriated for uninsured earthquake losses 750,000 Retained earnings 1,000,000 Ordinary shares subscribed 500,000 Appropriated for treasury stock 250,000 What amount should Alabama report as total stockholders equity in its December 31, 2021 balance sheet Use the following information for question 8 11 The following balance sheet accounts and their respective unadjusted balances of Austin Company was made available on December 31, 2021 Cash P1,250,000 Accounts payable P 340,000 Trading securities 800,000 Other current liabilities 200,000 Accounts receivable, net 2,135,000 Long term liabilities 3,275,000 Inventory 3,100,000 Treasury shares 450,000 Other current assets 1,420,000 Property, Plant and Equipment 6,480,000 Other non current assets 1,360,000 The following information relate to the December 31, 2021 balance sheet Cash includes P400,000 that has been restricted for the purchase of manufacturing equipment Trading securities includes P275,000 of stock that was purchased in order to give the company significant ownership and a seat on the board of directors of a major supplier Other current assets include P400,000 advance to the President of the company, no due date has been set Long term liabilities include bonds payable of P1,000,000, of this amount P250,000 represents bonds scheduled to be redeemed in 2022 Long term liabilities also include P700,000 bank loan On May 15, 2022, the loan will become due on demand Cash in the amount of P1,900,000 has been placed in a restricted fund for the redemption of the preference shares In 2021, both the cash and the preference shares have been removed from the balance sheet Property, plant and equipment includes land costing P800,000 is an investment property Companys policy is to measure investment property under the cost model How much should be the current assets How much should be the non current assets How much should be the current liabilities How much should be the non current liabilities

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Australia Corporations trial balance contained the following account balances at December 31, 2021: Accumulated depreciation-Equipment ` P900,000 Trading securities 300,000 Prepaid insurance 60,000 Cash 660,000

Australia Corporations trial balance contained the following account balances at December 31, 2021:

Accumulated depreciation-Equipment ` P900,000

Trading securities 300,000

Prepaid insurance 60,000

Cash 660,000

Inventory 1,800,000

Equipment and furniture 1,080,00

Patent 240,000

Accounts receivable (net) 960,000

Land (held for future business sites) 1,500,000

How much is the total current assets in Americas December 31, 2021, balance sheet?

Adelaide Company reported the following items in its December 31, 2021 trial balance.

Accounts payable P2,178,000

Advances to employees 90,000

Unearned rent revenue 576,000

Estimated liability under warranties 516,000

Cash surrender value of officers life insurance 150,000

Bonds payable 10,000,000

Discounts on bonds payable 450,000

Trademarks 780,000

How much should Amsterdam report as total liabilities in its December 31, 2021 balance sheet?

Android Company had the following items at December 31, 2021:

Accounts payable P 330,000

Unsecured notes, 9%, due July 1, 2022 800,000

Accrued expenses 210,000

Contingent liability 2,700,000

Deferred income tax liability 150,000

Serial bonds, 5% due March 31, 2022 6,000,000

The contingent liability is an accrual for possible losses on a P6,000,000 lawsuits filed against Android Company. Android legal counsel expects the suit to be settled in 2022 The counsel has estimated that Android will be liable for damages in the amount of P2,700,000. The deferred income tax liability is not related to an asset for financial reporting and is expected to be reverse in 2022. What is the amount of current liabilities that Android should report in its December 31, 2018 balance sheet.

Austria Company began operations on January 1, 2020with P2,000,000 from the issuance of stock and borrowed funds of P900,000. Net income for 2020 was P600,000 and Austria paid a P450,000 cash dividend on December 19, 2020. No additional transactions affected owners equity in 2020. at December 31, 2020, liabilities of the company had increased to P1,194,000 In Austrias Decmber 31, 202- balance sheet, how much should be reported as its total assets?

A draft of Alabama Companys 2021 balance sheet reported total assets of P1,093,750 of which the following items were included:

Treasury shares of Alabama Company at cost, which

approximate market value on December 31 P30,000

Unamortised patents 14,000

Cash surrender value of life insurance on corp. executives 17,125

Translation adjustment debit 10,500

At what amount should Alabamas total assets be correctly reported in its December 31, 2021 balance sheet?

1. Afghanistan Company reported total assets of P2,100,000 and total liabilities of P1,360,000 in its December 31, 2021 balance sheet. The following transactions occurred during 2014:
On August 1, Afghanistan Company issued an additional 10,000 ordinary shares at P25 per share
The company paid dividends totalling P160,000
Net income during the year was P220,000
Reacquired treasury shares of 4,000 at P30; subsequently reissued 2,000 shares for P39 per share
No other changes occurred in Stockholders Equity during the year.

What is the balance of Afghanistans Stockholders Equity section in its December 31, 2021 balance sheet?

America Companys adjusted trial balance at December 31, 2021 includes the following accounts balances:

Ordinary shares capital, P3 par P3,000,000

Subscriptions Receivable due 2022 300,000

Share premium 4,000,000

Treasury shares, at cost 250,000

Net unrealized holding loss on available for sale securities 100,000

Appropriated for uninsured earthquake losses 750,000

Retained earnings 1,000,000

Ordinary shares subscribed 500,000

Appropriated for treasury stock 250,000

What amount should Alabama report as total stockholders equity in its December 31, 2021 balance sheet?

Use the following information for question 8-11

The following balance sheet accounts and their respective unadjusted balances of Austin Company was made available on December 31, 2021:

Cash P1,250,000 Accounts payable P 340,000

Trading securities 800,000 Other current liabilities 200,000

Accounts receivable, net 2,135,000 Long-term liabilities 3,275,000

Inventory 3,100,000 Treasury shares 450,000

Other current assets 1,420,000

Property, Plant and Equipment 6,480,000

Other non-current assets 1,360,000

The following information relate to the December 31, 2021 balance sheet:

Cash includes P400,000 that has been restricted for the purchase of manufacturing equipment

Trading securities includes P275,000 of stock that was purchased in order to give the company significant ownership and a seat on the board of directors of a major supplier

Other current assets include P400,000 advance to the President of the company, no due date has been set

Long-term liabilities include bonds payable of P1,000,000, of this amount P250,000 represents bonds scheduled to be redeemed in 2022.

Long-term liabilities also include P700,000 bank loan. On May 15, 2022, the loan will become due on demand

Cash in the amount of P1,900,000 has been placed in a restricted fund for the redemption of the preference shares. In 2021, both the cash and the preference shares have been removed from the balance sheet

Property, plant and equipment includes land costing P800,000 is an investment property. Companys policy is to measure investment property under the cost model.