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    Illustrative Problem 4.1 PDF

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    Chincel G. ANI
    The document provides financial information for ABC Co. as of December 31, 20x1 including sales, expenses, gains/losses, taxes, and other items. It asks to compute profit for the year, other comprehensive income, and total comprehensive income.

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    Illustrative Problem 4.1 PDF

    Uploaded by

    Chincel G. ANI
    205 views1 page
    The document provides financial information for ABC Co. as of December 31, 20x1 including sales, expenses, gains/losses, taxes, and other items. It asks to compute profit for the year, other comprehensive income, and total comprehensive income.

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    Illustrative problem 4.1 .pdf

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    The document provides financial information for ABC Co. as of December 31, 20x1 including sales, expenses, gains/losses, taxes, and other items. It asks to compute profit for the year, other comprehensive income, and total comprehensive income.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    205 views1 page

    Illustrative Problem 4.1 PDF

    Uploaded by

    Chincel G. ANI
    The document provides financial information for ABC Co. as of December 31, 20x1 including sales, expenses, gains/losses, taxes, and other items. It asks to compute profit for the year, other comprehensive income, and total comprehensive income.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Illustrative problem: Total comprehensive income

    The records of ABC Co. On December 31, 20x1 showed the following information:

    Sales 1,000,000
    Sales discounts 10,000
    Cost of sales 400,000
    Distribution costs 48,000
    Administrative cost 120,000
    Casualty loss on typhoon 20,000
    Dividends received from investment in FVPL 12,000
    Dividends received from investment in associate 24,000
    Share in the profit of an associate 36,000
    Dividends declared and paid 14,000
    Interest expense 22,000
    Unrealized gain on investments in FVPL 15,000
    Unrealized gain on investments in equity instruments- FVOCI 19,000
    Income tax expense 150,000
    Loss on revaluation 13,000
    Remeasurements of the net defined benefit liability(asset)- Gain 11,000
    Correction of understatement in depreciation in prior year 16,000
    Translation adjustment of foreign operation- loss 4,000

    Requirements: Compute for profit for the year, other comprehensive income, and total
    comprehensive income .

    Solution:

    Illustrative problem: Shareholders’ Equity


    The ledger of ABC Co. In 20x1 includes the following:

    Share capital 100,000


    Share premium 20,000
    Retained earnings, appropriated 18,000
    Retained earnings, unappropriated 42,000
    Revaluation surplus 30,000
    Remeasurement of the net defined benefit liability(asset)- gain 15,000
    Cumulative net unrealized gain on fair value
    changes of investment in FVOCI 23,000
    Effective portion of losses on hedging instruments in a cash flow hedge 10,000
    Cumulative translation loss on foreign operation 5,000
    Treasury shares, at cost 13,000

    Requirement: Compute for the total shareholders’ equity

    Solution:

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