Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help Final Assessment in Intermediate Accounting 3 Instruction: Write the solution of the problems below (in good form): Problem 1. The ledger of COVID19

image text in transcribed

Please help

Final Assessment in Intermediate Accounting 3 Instruction: Write the solution of the problems below (in good form): Problem 1. The ledger of COVID19 Co. as of December 31, 2019 includes the following: Assets Cash 10.000 Trade accounts receivable (net of P10,000 credit balance in accounts) 40,000 Held for trading securities 80,000 Financial assels designated at FVPL 30,000 Investment in equity securities at FVOCI 70,000 Investment in bonds measured al amortized cost (due in 3 years) 80.000 Prepaid assels 10,000 Deferred tax asset (expected to reverse in 2020) 12,000 Investment in Associale 36.000 Investment properly 46,000 Sinking fund 38,000 Property, plant, and equipment 100.000 Goodwill 28.000 Totals 560,000 How much is the total current assets ? Problem 2. The ledger of QUARANTINE Co. as of December 31, 2019 includes the following: Liabilities Bank overdraft 10,000 Trade accounts payable (net of P10,000 debit balance in accounts) 40,000 Noles payable (due in 20 semi-annual payments of P4,000) 80,000 Interest payable 30,000 Bonds payable (due on March 31, 2020) 70,000 Discount on bonds payable (30,000) Dividends payable 10,000 Share dividends payable 12,000 Deferred tax liability (expecled to reverse in 2020) 36.000 Income tax payable 44,000 Contingent liability 100,000 Reserve for contingencies 28,000 Totals 430,000 How much is the total current liabilities? Problem 3. The ledger of STAY HOME Co. in 2019 indudes the following Share capital Share premium Retained earnings, appropriated Retained earnings, unappropriated Revaluation surplus Remeasurements of the net defined benefit liability (asset) - gain Cumulative net unrealized gain on fair value changes of investment in FVOCI Effective portion of losses on hedging instruments in a cash flow hedge Cumulative translation loss on foreign operation Treasury shares, at oost 200,000 40,000 36,000 84,000 60,000 30,000 45,000 20,000 10,000 26,000 How much is the total shareholders' equity

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_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

1. Define and explain culture and its impact on your communication

Answered: 1 week ago