Presented below is the statement of financial position of Laugh Company for the year ended December 31, 2020. Laugh Company Statement of Financial Position As of December 31, 2020 Current Assets Investments Property, Plant and Equipment Intangible Assets Total Assets P435,000.00 510,000.00 1.720,000.00 305,000.00 P2.970,000.00 Current Liabilities P330,000.00 Noncurrent Liabilities Shareholders' Equity Total Liabilities and Shareholders' Equity 1,000,000.00 1,640,000.00 P2.970,000.00 The following information is presented 1. The Current asset section include Cash P100,000.00, Accounts Receivable P170,000 less P10,000.00 for allowance for doubtful accounts, inventories P180,000.00 and deferred revenue P5,000.00. The cash balance composed of P114,000.00 less a bank overdraft of P14,000.00. 2. The investment section includes cash surrender value of life insurance P40,000.00; Short term investment in shares P80,000.00 and long term investments Fair assets at amortized cost P140,000.00. Bond sinking fund P250,000. 3. Property, Plant and Equipment includes Buildings P1,040,000.00 less accumulated depreciation P360,000.00; Equipment P450,000 less accumulated depreciation P180,000; Land P500,000.00; and a Land Held for undetermined use P270,000.00 4. Intangible Assets include a Franchise P165,000.00, Goodwill P100,000.00 and a discount on Bonds Payable P40,000.00 5. Current Liabilities include accounts payable P90,000.00, notes payable - short term P80,000.00 and long term P120,000 and taxes payable P40,000.00 6. Noncurrent Liabilities are composed solely of 10% bonds payable due on 2027. 7. Shareholders' Equity has preferred shares, no par value, authorized 200,000 shares, issued 70,000 shares for P450,000.00 and ordinary shares, P1.00 par value, authorized 400,000 shares, issued 100,000 shares at P10. In addition the corporation has retained earnings P190,000.00 Compute a Current Assets b Noncurrent Assets Current Liabilities d Noncurrent Liabilities e Intangibles Presented below is the statement of financial position of Laugh Company for the year ended December 31, 2020. Laugh Company Statement of Financial Position As of December 31, 2020 Current Assets P435,000.00 Investments 510,000.00 Property, Plant and Equipment Intangible Assets Total Assets 1,720,000.00 305,000.00 P2.970,000.00 Current Liabilities P330,000.00 Noncurrent Liabilities Shareholders' Equity Total Liabilities and Shareholders' Equity 1,000,000.00 1,640,000.00 P2.970,000.00 The following information is presented 1. The Current asset section include Cash P100,000.00, Accounts Receivable P170,000 less P10,000.00 for allowance for doubtful accounts, inventories P180,000.00 and deferred revenue P5,000.00. The cash balance composed of P114,000.00 less a bank overdraft of P14,000.00. 2. The investment section includes cash surrender value of life insurance P40,000.00; Short term investment in shares P80,000.00 and long term investments Fair assets at amortized cost P140,000.00. Bond sinking fund P250,000. 3. Property, Plant and Equipment includes Buildings P1,040,000.00 less accumulated depreciation P360,000.00; Equipment P450,000 less accumulated depreciation P180,000; Land P500,000.00; and a Land Held for undetermined use P270,000.00 4. Intangible Assets include a Franchise P165,000.00, Goodwill P100,000.00 and a discount on Bonds Payable P40,000.00 5. Current Liabilities include accounts payable P90,000.00, notes payable - short term P80,000.00 and long term P120,000 and taxes payable P40,000.00 6. Noncurrent Liabilities are composed solely of 10% bonds payable due on 2027. 7. Shareholders' Equity has preferred shares, no par value, authorized 200,000 shares, issued 70,000 shares for P450,000.00. and ordinary shares, P1.00 par value, authorized 400,000 shares, issued 100,000 shares at P10. In addition the corporation has retained earnings P190,000.00
