The following were the accounts obtained from ABC companys unadjusted trial balance as of December 31, 2021 Cash in bank, restricted for payroll P 750,000 Cash in bank, restricted for the purchase of land expected to be disbursed in February 2022 1,000,000 Cash in bank, PNB 400,000 Accounts receivable, net of credit balance of P10,000 1,800,000 Subscriptions receivable 150,000 Petty cash fund, net of P10,000 check pertaining to PCF custodian 70,000 Prepaid insurance, net of P50,000 cash surrender value 220,000 Investment in stocks, at cost 420,000 Property, plant and equipment, net 2,500,000 Investment property, net 800,000 Accounts payable 120,000 Notes payable, payable in June 2022 370,000 Bonds payable 3,000,000 Loans payable 2,100,000 Share dividends payable 180,000 Deferred tax asset, net of deferred tax liability of P120,000 80,000 Suppliers debit balance 50,000 Premium on bonds payable 15,000 Other information PNB is in the process of liquidation as of December 31, 2021 The property, plant and equipment include the following The warehouse with carrying value of P200,000 is classified as held for sale Land held for undetermined future use amounted to P400,000 The fair value of the land is P435,000 The investment in stocks is composed of the following 12 investment in SM held for trading P220,000, fair value at 12 31 is P250,000 19 investment in Ayala not held for trading, irrevocably designated at OCI P150,000, fair value at 12 31 is P120,000 20 investment in PLDT not held for trading P80,000, fair value at 12 31 is P100,000 The notes payable due in June 2022 was refinanced on October 1, 2021 for 14 months from date of refinancing The loans payable is payable in 3 equal annual installments starting on September 5, 2022 The investment property as per trial balance is properly measured using the fair value method How much is the noncurrent asset of the company as of December 31, 2021 The total property, plant and equipment as of December 31, 2021 amounted to The current liabilities as of December 31, 2021 amounted to The total non current liabilities as of December 31, 2021 amounted to The total current assets as of December 31, 2021 amounted to

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Posted on Jul 20, 2024

The following were the accounts obtained from ABC companys unadjusted trial balance as of December 31, 2021: Cash in bank, restricted for payroll P 750,000

The following were the accounts obtained from ABC companys unadjusted trial balance as of December 31, 2021:

Cash in bank, restricted for payroll P 750,000 Cash in bank, restricted for the purchase of land expected to be disbursed in February 2022 1,000,000 Cash in bank, PNB 400,000 Accounts receivable, net of credit balance of P10,000 1,800,000 Subscriptions receivable 150,000 Petty cash fund, net of P10,000 check pertaining to PCF custodian 70,000 Prepaid insurance, net of P50,000 cash surrender value 220,000 Investment in stocks, at cost 420,000 Property, plant and equipment, net 2,500,000 Investment property, net 800,000 Accounts payable 120,000 Notes payable, payable in June 2022 370,000 Bonds payable 3,000,000 Loans payable 2,100,000 Share dividends payable 180,000 Deferred tax asset, net of deferred tax liability of P120,000 80,000 Suppliers debit balance 50,000 Premium on bonds payable 15,000

Other information:

PNB is in the process of liquidation as of December 31, 2021
The property, plant and equipment include the following:
- The warehouse with carrying value of P200,000 is classified as held for sale.
- Land held for undetermined future use amounted to P400,000. The fair value of the land is P435,000.
The investment in stocks is composed of the following:
- 12% investment in SM held for trading P220,000, fair value at 12/31 is P250,000.
- 19% investment in Ayala not held for trading, irrevocably designated at OCI P150,000, fair value at 12/31 is P120,000.
- 20% investment in PLDT not held for trading P80,000, fair value at 12/31 is P100,000.
The notes payable due in June 2022 was refinanced on October 1, 2021 for 14 months from date of refinancing.
The loans payable is payable in 3 equal annual installments starting on September 5, 2022.
The investment property as per trial balance is properly measured using the fair value method.