Question
Superman Company has the following costs and expenses for the year ending December 21, 2X20. Raw materials, 1/1/20 P30,000 Property taxes, factory building P6,000 Raw
Superman Company has the following costs and expenses for the year ending December 21, 2X20.
| Raw materials, 1/1/20 | P30,000 | Property taxes, factory building | P6,000 |
| Raw materials, 12/31/20 | 20,000 | Sales revenue | 1,500,000 |
| Raw materials purchases | 205,000 | Delivery expenses | 100,000 |
| Work-in-process, 1/1/20 | 80,000 | Sales commissions | 150,000 |
| Work-in-process, 12/31/20 | 50,000 | Indirect labor | 105,000 |
| Finished goods, 1/1/20 | 110,000 | Factory machinery rent | 40,000 |
| Finished goods, 12/31/20 | 120,000 | Factory utilities | 65,000 |
| Direct labor | 350,000 | Depreciation, factory building | 24,000 |
| Factory managers salary | 35,000 | Administrative expenses | 300,000 |
| Insurance, factory | 14,000 |
Requirement:
- Assume that Superman Companys accounting records show the balances of the following current asset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, and Short-Term Investments P26,000. Prepare the current assets section of the balance sheet for Superman Company as of December 31, 2020.
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Accounting Principles
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
IFRS global edition
1-119-41959-4, 470534796, 9780470534793, 9781119419594 , 978-1119419617
