Information on the asset accounts of Entity A as of December 31, 20x1 is as follows: Cash Accounts receivable Notes receivable (trade) Notes receivable (nontrade) - P40,000 due within 1 yr. insurance Inventory Prepaid Land Building Accumulated depreciation Requirement: Compute for the total current assets and total noncurrent assets to be shown in Entity A's December 31, 20x1 statement of financial position. 22,000 44,000 66,000 110,000 143,000 11,000 220,000 880,000 264,000 PROBLEM 5: CURRENT AND NONCURRENT ITEMS Information on the accounts of Entity A as of December 31, 20x1 is as follows: Cash Accounts receivable Notes receivable (nontrade) - matures in 4 equal annual installments Inventory Equipment Accumulated depreciation Accounts payable Notes payable (nontrade) - P100,000 due within 1 yr. 30,000 70,000 400,000 150,000 2,000,000 (380,000). 187,000 600,000 Rent payable (due in 2 yrs.) Utilities payable Interest payable Salaries payable Unearned income Owner's capital Requirements: Compute for the following: a. Total current assets b. Total noncurrent assets c. Total current liabilities d. Total noncurrent liabilities 62,000 30,000 25,000 90,000 750,000 526,000 The trial balance of Entity A on December 31, 20x1 shows the following information: Cash on hand Cash in bank Accounts receivable Allowance for doubtful accounts Advances to employees Advances to suppliers Inventories Prepaid supplies Land Equipment Accumulated depreciation. Accounts payable Salaries payable Unearned income Notes payable (due in 20x3) Debits 60,000 1,860,000 2,000,000 40,000 30,000 1,200,000 800,000 2,200,000 3,400,000 Credits 300,000 2,000,000 720,000 70,000 500,000 3,000,000 Interest payable (due in 20x2) Owner's Capital Totals 340,000 4,660,000 11,590,000 11,590,000 Requirements: a. Prepare the statement of financial position of Entity A as of December 31, 20x1. Provide a proper heading for the statement and make proper cross-references to the Notes. b. Prepare a partial "notes" showing the breakdowns of the selected line items. Line item description Cash and cash equivalents Trade and other receivables Property, plant and equipment Trade and other payables Note 6 7 8 9 PROBLEM 7: STATEMENT OF FINANCIAL POSITION The trial balance of Entity A on December 31, 20x1 shows the i following information: Cash on hand Cash in bank Accounts receivable Allowance for doubtful accounts Advances to employees Advances to suppliers Inventories Prepaid insurance Land Building Accumulated depreciation - Bldg. Debits 120,000 2,000,000 4,000,000 80,000 60,000 2,400,000 1,600,000 4,400,000 6,800,000 Credits 600,000 4,000,000 Accounts payable Accrued liabilities Income tax payable Loans payable (due in 20x3) Discount on loan payable Interest payable (due in 20x2) Owner's Capital Totals Requirements: a. Prepare the statement of financial position of Entity A as of December 31, 20x1. Provide a proper heading for the statement and make proper cross-references to the Notes. Line item description Cash and cash equivalents Trade and other receivables Property, plant and equipment Trade and other payables Loans payable - net 1,740,000 *Hint: "Discount on loans payable" is a contra-account to loans payable. Note 6 1,440,000 160,000 1,000,000 6,000,000 b. Prepare a partial "notes" showing the breakdowns of the following line items: 7 8 680,000 9,320,000 23,200,000 23,200,000 9 10