Problem:

QUESTION: Using the following information above, answer the following:

1. Shareholder's equity, June 30, 2020 ________________________

2. Noncurrent Assets, June 30, 2020 __________________________

3. Finance charge for the quarter ended June 30, 2020 ____________

4. Net income after tax for the quarter ended December 31, 20202 _____

5. Shareholder's equity, March 31, 2020 _________________________

6. Net income (loss) before tax for the quarter ended December 31, 2020 __________

7. Shareholder's equity, December 31, 2020 __________________

8. Liabilities, June 30, 2020 ____________________________

9. Operating Expenses for the Quarter ended December 31, 2020 ______________

10. Current Assets, March 31, 2020 _______________________

11. Liabilities, December 31, 2020 __________________________

12. shareholder's equity, September 30, 2020 ___________________

13. Noncurrent Assets, December 31, 2020 ____________________

14. Finance Charge for the quarter ended March 31, 2020 _______________

15. Operating Expenses for the quarter ended June 30, 2020 ___________

16. Operating Expenses for the quarter ended March 31, 2020 _____________

17. Other income (losses) for the quarter ended December 31, 2020 _________

18. Net income (loss) before tax for the quarter ended March 31, 2020 ______

19. Finance charge for the quarter ended December 31, 2020 ____________

20. Current assets, September 30, 2020 _____________________

ABC Company has the following information in 2020: (a) The entity paid Php24,000 insurance premium on May 1, 2019 for 2019. In 2020, the insurance premium of Php36,000 was paid on February 1, 2020. (b) The entity is leasing a small value asset for 11 months starting April 1, 2020 for Php5,000 per month. The entity paid the full amount due on the contract on November 1, 2020. (c) As of December 31, 2020, the book value of the entity's equipment amounted to Php384,000 with a remaining life of 4 years on the same date. On July 1, 2020 the entity purchased additional equipment of Php45,000. On January 1, 2020, the entity sold an equipment for a gain of Php20,000 when the carrying value is Php 70,000. (d) The entity has a land held for capital appreciation and is carried at fair value that was acquired on April 1, 2020 by issuing the entity's 5-year Php3,000,000 face value bonds with a 10% annual interest. The entity uses straight-line method of amortization. The fair values of the land and bonds payable as of the end of each quarter are as follow: Land Bonds payable March 31, 2020 3,150,000 3,200,000 June 30, 2020 3,200,000 3,100,000 September 30, 2020 3,300,000 3,150,000 December 31, 2020 3,280,000 3,130,000 (e) Total sales during the year amounted to Php3,000,000, 30% of which is cash sales. The entity collects 80% of a quarter's credit sales during the month following that quarter while the remainder is collected in the 2nd quarter after that quarter. All sales are made evenly during the year. () Purchases made during the year amounted to Php 2,500,000 which are all credit purchases. The entity pays 90% of its quarter purchases in the month following that quarter while the remainder is collected in the 2nd quarter after that quarter. All purchases are made evenly during the year. (9) The entity has a 40% gross profit ratio and only conducts inventory count at year-end. The inventory on December 31, 2020 amounted to Php490,000 (n) The entity's other operating expenses in 2020 are as follows: Total Incurred payments 1st quarter 50,000 55,000 2nd quarter 40,000 30,000 3rd quarter 70,000 50,000 4th quarter 48,000 50,000 Income tax rate is 30%. Income tax is paid the month following the end of every quarter. The entity uses 360 days in computing interest 0 The entity's post-closing trial balance as of January 1, 2020 is as follows: Debit Credit Cash 500,000 Accounts receivable 250,000 Time-deposit - 60 days (12% p.a.) 300,000 Inventories 40,000 Prepaid insurance 8,000 Equipment 500,000 Building, 10-years remaining life 1,000,000 Land 700,000 Accounts payable 400,000 Accrued operating expenses 20,000 Share capital 1,000,000 Retained earnings 1,878,000 3,298,000 3,298,000 ABC Company has the following information in 2020: (a) The entity paid Php24,000 insurance premium on May 1, 2019 for 2019. In 2020, the insurance premium of Php36,000 was paid on February 1, 2020. (b) The entity is leasing a small value asset for 11 months starting April 1, 2020 for Php5,000 per month. The entity paid the full amount due on the contract on November 1, 2020. (c) As of December 31, 2020, the book value of the entity's equipment amounted to Php384,000 with a remaining life of 4 years on the same date. On July 1, 2020 the entity purchased additional equipment of Php45,000. On January 1, 2020, the entity sold an equipment for a gain of Php20,000 when the carrying value is Php 70,000. (d) The entity has a land held for capital appreciation and is carried at fair value that was acquired on April 1, 2020 by issuing the entity's 5-year Php3,000,000 face value bonds with a 10% annual interest. The entity uses straight-line method of amortization. The fair values of the land and bonds payable as of the end of each quarter are as follow: Land Bonds payable March 31, 2020 3,150,000 3,200,000 June 30, 2020 3,200,000 3,100,000 September 30, 2020 3,300,000 3,150,000 December 31, 2020 3,280,000 3,130,000 (e) Total sales during the year amounted to Php3,000,000, 30% of which is cash sales. The entity collects 80% of a quarter's credit sales during the month following that quarter while the remainder is collected in the 2nd quarter after that quarter. All sales are made evenly during the year. () Purchases made during the year amounted to Php 2,500,000 which are all credit purchases. The entity pays 90% of its quarter purchases in the month following that quarter while the remainder is collected in the 2nd quarter after that quarter. All purchases are made evenly during the year. (9) The entity has a 40% gross profit ratio and only conducts inventory count at year-end. The inventory on December 31, 2020 amounted to Php490,000 (n) The entity's other operating expenses in 2020 are as follows: Total Incurred payments 1st quarter 50,000 55,000 2nd quarter 40,000 30,000 3rd quarter 70,000 50,000 4th quarter 48,000 50,000 Income tax rate is 30%. Income tax is paid the month following the end of every quarter. The entity uses 360 days in computing interest 0 The entity's post-closing trial balance as of January 1, 2020 is as follows: Debit Credit Cash 500,000 Accounts receivable 250,000 Time-deposit - 60 days (12% p.a.) 300,000 Inventories 40,000 Prepaid insurance 8,000 Equipment 500,000 Building, 10-years remaining life 1,000,000 Land 700,000 Accounts payable 400,000 Accrued operating expenses 20,000 Share capital 1,000,000 Retained earnings 1,878,000 3,298,000 3,298,000