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    Problem 2 8 IAA

    Uploaded by

    Abe Mayores Cañas
    This document is the statement of financial position for Magna Company as of December 31, 2023. It lists the company's current assets of ₱2,100,000 including cash, accounts receivable, and inventories. Noncurrent assets total ₱7,750,000, including property, plant and equipment worth ₱7,150,000. Total assets are ₱9,850,000. Current liabilities are ₱1,000,000 and noncurrent liabilities are ₱2,200,000. Total equity is ₱6,650,000, comprising of share capital, reserves, and retained earnings. Various notes provide additional details on accounts.

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    Problem 2 8 IAA

    Uploaded by

    Abe Mayores Cañas
    162 views5 pages
    This document is the statement of financial position for Magna Company as of December 31, 2023. It lists the company's current assets of ₱2,100,000 including cash, accounts receivable, and inventories. Noncurrent assets total ₱7,750,000, including property, plant and equipment worth ₱7,150,000. Total assets are ₱9,850,000. Current liabilities are ₱1,000,000 and noncurrent liabilities are ₱2,200,000. Total equity is ₱6,650,000, comprising of share capital, reserves, and retained earnings. Various notes provide additional details on accounts.

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    Problem-2-8-IAA (1)

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    This document is the statement of financial position for Magna Company as of December 31, 2023. It lists the company's current assets of ₱2,100,000 including cash, accounts receivable, and inventories. Noncurrent assets total ₱7,750,000, including property, plant and equipment worth ₱7,150,000. Total assets are ₱9,850,000. Current liabilities are ₱1,000,000 and noncurrent liabilities are ₱2,200,000. Total equity is ₱6,650,000, comprising of share capital, reserves, and retained earnings. Various notes provide additional details on accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    162 views5 pages

    Problem 2 8 IAA

    Uploaded by

    Abe Mayores Cañas
    This document is the statement of financial position for Magna Company as of December 31, 2023. It lists the company's current assets of ₱2,100,000 including cash, accounts receivable, and inventories. Noncurrent assets total ₱7,750,000, including property, plant and equipment worth ₱7,150,000. Total assets are ₱9,850,000. Current liabilities are ₱1,000,000 and noncurrent liabilities are ₱2,200,000. Total equity is ₱6,650,000, comprising of share capital, reserves, and retained earnings. Various notes provide additional details on accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    Magna Company

    Statement of Financial Position


    December 31, 2023

    ASSETS

    Current Assets: note


    Cash ₱ 400,000.00
    Trade accounts receivable ₱ 700,000.00
    Prepaid Expenses 1 ₱ 100,000.00
    Inventories ₱ 800,000.00
    Financial assets at fair value ₱ 100,000.00
    Total current assets

    Noncurrent Assets
    Property, plant and equipment 2 ₱ 7,150,000.00
    long-term investment 3 ₱ 300,000.00
    Intangible assets 4 ₱ 300,000.00
    Total noncurrent assets

    Total Assets

    EQUITY AND LIABILITIES

    Current Liabilities
    Trade and Other Payable 5 ₱ 550,000.00
    Notes payable short-term ₱ 450,000.00
    Total current liabilities

    Noncurrent Liabilities
    Bonds Payable 6 ₱ 1,900,000.00
    Notes payable long-term debt ₱ 300,000.00
    Total noncurrent liabilities

    Equity
    Share capital 7 ₱ 2,750,000.00
    Reserves 8 ₱ 1,450,000.00
    Retained earnings ₱ 2,450,000.00
    Total Equity

    Total Liabilities and Equity


    Note 1 - Trade Accounts Receivable

    Accounts Receivables
    Allowance for doubtful accounts
    Net realizable value

    Note 2 - Property, Plants and Equipment

    Cost
    Land ₱ 1,250,000.00
    Land held for future plant site ₱ 1,500,000.00
    ₱ 2,100,000.00 Building ₱ 5,000,000.00
    Equipment ₱ 1,400,000.00
    Total ₱ 9,150,000.00

    Note 3 - long-term investment


    ₱7,750,000.00
    Invesment in securities
    ₱9,850,000.00 Cash surrender value
    Total

    Note 4 - Intangible Assets

    Franchise
    Goodwil
    ₱ 1,000,000.00 Total

    Note 5 - Trade and Other Payables

    Accounts Payable
    ₱ 2,200,000.00 Taxes Payable
    Total

    Note 6 - Bonds Payable

    Bonds Payable, due on December 31, 2026


    ₱6,650,000.00 Discount on bonds payable

    ₱ 9,850,000.00
    Note 7 - Share Capital
    Preference share capital, P5 stated value
    300,000 shares authorized, 150,000 shares issued
    Ordinary share capital, P20 par value
    400,000 shares authorized, 100,000 shares issued
    Total

    Note 8 - Reserves

    Share premium-preference (1M-750k)


    Share premium-ordinary (3M-2M)
    Retained earnings appropriated for contingencies
    Total
    ₱ 750,000.00
    -₱ 50,000.00
    ₱ 700,000.00

    Accum. Depr. Carrying Amount


    - ₱ 1,250,000.00
    - ₱ 1,500,000.00
    ₱ 1,600,000.00 ₱ 3,400,000.00
    ₱ 400,000.00 ₱ 1,000,000.00
    ₱ 2,000,000.00 ₱ 7,150,000.00

    ₱ 250,000.00
    ₱ 50,000.00
    ₱ 300,000.00

    ₱ 100,000.00
    ₱ 200,000.00
    ₱ 300,000.00

    ₱ 400,000.00
    ₱ 150,000.00
    ₱ 550,000.00

    ₱ 2,000,000.00
    -₱ 100,000.00
    ₱ 1,900,000.00
    ₱ 750,000.00

    ₱ 2,000,000.00
    ₱ 2,750,000.00

    ₱ 250,000.00
    ₱ 1,000,000.00
    ₱ 200,000.00
    ₱ 1,450,000.00

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