Assets
Note 1 – Trade receivables
Accounts receivable
P115,000
Less Allowance for doubtful accounts
8,000
Net trade receivables
P107,000
Note 2 – Property, plant and equipment
Land
P 300,000
Buildings
P1,440,000
Less accumulated depreciation
530,000
910,000
Equipment
P 624,000
Less accumulated depreciation
351,000
273,000
Total property, plant and equipment
P1,483,000
Note 3 – Intangibles
Patents, net of accumulated amortization of P22,000
P 98,000
Trademarks, net of accumulated amortization of P17,000
43,000
Total
P141,000
Note 4 – Trade and other payables
Accounts payable
P236,000
Salaries payable
20,000
Withholding taxes payable
80,000
Total
P336,000
Note 5 – Bonds payable
Bonds payable (due 2009)
P 770,000
Less discount on bonds payable
69,000
Total
P701,000
Note 6 – Share capital
Preference share, P100 par
P 210,000
Ordinary share, P10 par
300,000
Stock dividends distributable
24,000
Total
P 534,000
Note 7 – Reserves
Paid-in capital in excess of par-preference
P 81,000
Paid-in capital in excess of par-ordinary
240,000
Appropriated retained earnings
45,000
Total
P366,000
Note 1 – Temporary investments
Note 2 – Trade receivables
Accounts receivable
P323,000
Less Allowance for doubtful accounts
15,000
Net trade receivables
P308,000
Note 3 – Inventories (at lower of cost or NRV)
Finished Goods
P416,000
Goods in process
347,000
Raw materials
222,000
Total
P985,000
Note 4 – Property, plant and equipment
Land
P320,000
Land Held for Future Use*
195,000
Buildings
P1,824,000
Less accumulated depreciation
622,000
1,202,000
Machinery
P 319,000
Less accumulated depreciation
106,000
213,000
Equipment
P 530,000
Less accumulated depreciation
212,000
318,000
Total
P2,248,000
Note 5 – Other financial assets
Held to Maturity Securities, at amortized cost
P250,000
Cash surrender value of life insurance
89,000
Total
P339,000
Note 6 – Non-current Assets Held for Sale
This classification represents a unit of machinery with carrying amount of P240,000 and fair value less cost to sell of P210,000. The sale is expected to be consummated in May 2008.
Note 7 – Bonds payable
Bonds payable
P800,000
Add Premium on bonds payable
48,000
Total
P848,000
Note 8 – Share Capital
Preference share
P400,000
Ordinary share
628,000
Total
P1,028,000
Note 9 – Reserves
Paid-in capital in excess of par-preferred
P234,000
Paid-in capital in excess of par-common
303,000
Total
P537,000
3-3 (Bill Company)
Note 1 – Trade receivables
Accounts receivable
P590,000
Less Allowance for doubtful accounts
80,000
Net trade receivables
P510,000
Note 2 – Prepaid expenses
Office supplies
P 80,000
Prepaid insurance
120,000
Total
P200,000
Note 3 – Property, plant and equipment
Land
P 810,000
Buildings and equipment
P3,560,000
Less accumulated depreciation
920,000
2,640,000
Total
P3,450,000
Note 4 – Trade and other payables
Accounts payable
P 990,000
Salaries payable
150,000
Taxes payable
250,000
Total
P1,390,000
Note 5 – Bonds payable
Bonds payable
P1,100,000
Less discount on bonds payable
100,000
Net
P1,000,000
Note 1 – Trade receivables
Accounts receivable (1,850,000 + dishonored
notes receivable of P1,000,000)
P2,850,000
Less Allowance for doubtful accounts
70,000
Net trade receivables
P2,780,000
Note 2 – Property, plant and equipment
Land
P1,200,000
Buildings
P6,340,000
Less accumulated depreciation
2,100,000
4,240,000
Equipment
P2,960,000
Less accumulated depreciation
1,300,000
1,660,000
Total
P7,100,000
Note 3 – Other financial assets
Investment in Day Corporation bonds
P 900,000
Sinking fund for bond retirement
700,000
Total
P1,600,000
Note 4 – Intangibles
Patents
P820,000
Less accumulated amortization
230,000
P 590,000
Trademarks
P520,000
Less accumulated amortization
150,000
370,000
Total
P960,000
Note 5 – Trade and other payables
Accounts payable
P1,940,000
Wages payable
410,000
Current portion of mortgage payable
400,000
Total
P2,750,000
Note 6 – Bonds payable
Bonds payable
P4,000,000
Add premium on bonds payable
430,000
Total
P4,430,000
Note – Share capital
Preference share
P600,000
Ordinary share
1,100,000
Total
P1,700,000
3.5 (Makati Company)
3-6 (Internet Company)