Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

BOSTON CELTICS Co . provided the following information on December 31, 2019: Income tax expense 80,000 Cash and cash equivalents 200,000 Income tax payable 60,000

BOSTON CELTICS Co. provided the following information on December 31, 2019:

Income tax expense

80,000

Cash and cash equivalents

200,000

Income tax payable

60,000

Accounts receivable

430,000

Deferred tax liability

140,000

Inventories

1,280,000

Retained earnings - 1/1/2019

1,800,000

FAFVTOCI

1,250,000

Dividends

500,000

Land

500,000

Revaluation surplus - 1/1/2019

180,000

Building

3,000,000

Unrealized gain on financial asset

140,000

A/D-building

800,000

Share capital

3,000,000

Plant and Equipment

1,200,000

Sales

5,000,000

A/D-plant and equipment

200,000

Realized gain on financial asset 2019

50,000

Patent

1,100,000

Revaluation surplus - land 2019

70,000

Notes payable - bank due 6/30/21

1,700,000

Cost of goods sold

3,000,000

Accounts payable

550,000

Distribution costs

980,000

Provisions

130,000

Administrative expenses

300,000

The entity issued shares at par value of P800,000 during the year.

Cash dividends of P300,000 were paid and share dividends of P200,000 were issued on 12/31/2019.

Requirements: Compute the balances of the following accounts to be reflected in the Statement of Financial Position (no. 1 to 7) as of December 31, 2019:

  1. Total Current Assets
  2. Total Non-current Assets
  3. Total Assets
  4. Total Current Liabilities
  5. Total Non-current Liabilities
  6. Total Liabilities
  7. Total Shareholders' Equity
  8. Net income (Loss)

THE amount of the accounts are just below of it.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Management Accounting A User Perspective

Authors: Michael L Werner, Kumen H Jones

2nd Edition

0130327506, 9780130327505

More Books

Students also viewed these Accounting questions

Question

How are federal courts organized?

Answered: 1 week ago

Question

Explain the goal of behavior therapy.

Answered: 1 week ago

Question

13. Give four examples of psychological Maginot lines.

Answered: 1 week ago