Question 31 10 Points The followme account balances are taken from the records of FUP Inc. as of December 31, 2020 Accounts payable Accounts receivables Accumulated depreciation-building Accumulated depreciation-equipment Allowance for doubtful accounts Buildings Cash Equipment Fished goods (ending balance) Land Mortgage payable Notes payable Prepaid experne Raw material (ending balune) Retained eamine (ending balance) Salaries payable Share capital P25 par, 200,000 shares authorimd, 180,000 shares issued Shure premum Short-term investments Work in process (endine balunce) 1.430,000 700,000 1,140,000 730,000 50,000 4,750,000 250,000 2,320,000 1,160,000 500,000 3,240,000 360,000 20,000 640,000 2,190,000 10,000 4,500,000 270,000 2,700,000 880,000 Hint: In a scratch paper prepare the statement of financial position and use it to answer 3 questions worth 2 points each related to this problem. 1. What is the total current assets? Give your answer in this format x.xxx.xxx. Blank 1 2. What is the total non-current assets? Give your answer in this format X.XXX.XXX, Blank 2 3.What is the total current liabilities? Give your answer in this format x,xxx, xxx. Blank 3 4 What is the total shareholders equity? Give your answer in this format x,xxx,xxx. Blank 5. What is the total liabilities and shareholders' equity? Give your answer in this format xxxxxxx Blank 5 Question 32 10 Points Selected account of CFC Corporation as of December 31, 2020 are presented below Sales 844,000 Sales reund allowances 12,000 Sales de count 8,800 Purchase 266,800 Purchase returns and allowances 8,700 Purchase discount 6,500 Frekli 12,000 Direct labor 122,100 Indirect labor 45,600 Heat, light and power 38,000 Factory surance expense 18,400 Factory repair and maintenance 22,000 Miscellaneous factory expene 16,700 Sales wahres 64,200 Advertising expense 29,900 Macellaneous espere 33,600 Office anlar 44,000 Taxes and bones 13,000 Miscellaneous general and administrve expense 28.100 Depreciation expere-othiebukling 18,000 Deprecation expense - machinery 12,140 Depreciation pense office equipment 3,500 Salaries and wages payable 10,400 Factory supplies expense 6,900 Raw material (January 1 balance - PS2,800) 48,600 Goods in proces Carry 1 balance - P38,600) 46,200 Finished goods January 1 balance - P46,000) 76,500 Hina scratch prepare the statement of contende come and tower 5 question worth 2 pots each rested to the problem 1. What is the total cost of goods manufactured? Blank 1 2. What is the total cost of goods sold? Blank 2 3. What is the total distribution cost? Blank 3 4. What is the total operating expenses? Blank 4 5. What is the net income? Blank 5
