Beruflich Dokumente
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1. The following data are obtained from the trial balance of AIR Inc. as of December 31,2014:
Income tax payable (inclusive of deferred tax liability amounting to P300,000) 1,300,000
Estimated premium liability 200,000
Estimated warranty liability 400,000
Stock dividends payable (To be paid on January 10, 2015) 500,000
Bonds payable 700,000
Loans payable due on January 1, 2016 300,000
Accounts payable (net of supplier’s account with debit balance of P300,000) 200,000
Total Current Liabilities 3,600,000
What is the correct amount of working capital of AIR Inc. as of December 31,2014?
a. P1,100,000 b. P800,000 c. P700,000 d. P900,000
2. The following data are provided by the accounting department of SUN Inc.:
January 1, 2014 December 31, 2014
Current Assets P2,000,000 ?
Current Liabilities 1,000,000 ?
Noncurrent Liabilities ? ?
Noncurrent assets 3,000,000 ?
3. The following accounts/items are obtained from the trial balance of WIND Inc. as of December 31,2014:
What is the total noncurrent liabilities to be presented by WIND Inc. as of December 31,2014?1
a. 2,800,000 b. 3,900,000 c. P3,000,000 d. P3,300,000
4. The following accounts/items are obtained from the trial balance of EARTH Inc. as of December 31,2014:
What is the total noncurrent assets to be presented by EARTH Inc. as of December 31, 2014?
a. P26,500,000 b. P22,300,000 c. P27,200,000 d. P25,400,000
5. The following accounts/items are provided by the accounting department of STAR Inc. as of December 31, 2014:
Ordinary share at par P2,000,000
Unamortized bond premiu 500,000
Donated capital 300,000
Conversion option 200,000
Unamortized bond issue cost 100,000
Derivatives 400,000
Preference share at par 1,000,000
Treasury shares at cost 500,000
Share options/warrants 200,000
Additional paid in capital in excess of par 600,000
Share dividends payable 100,000
Subscribed ordinary share at par 800,000
Subscribed preference share at par 300,000
Total Retained Earnings - Adjusted after closing income summary 3,000,000
Subscription receivable – Ordinary Share – due on December 31, 2015 200,000
Subscription receivable – Preference Share – due on December 31, 2016 100,000
Cumulative realized gain on sale of financial asset at fair value through OCI 200,000
Cumulative unrealized loss arising from derivatives classified as cash flow hedge 500,000
Balance of revaluation surplus 400,000
Actuarial gain from defined benefit plan 300,000
Transaction loss from foreign currency 100,000
What is the total stockholder’s equity to be presented by STAR Inc. as of December 31, 2014?
a. P7,500,000 b. P8,100,000 c. P8,600,000 d. P8,300,000
6. The following liabilities are obtained from the trial balance of SPACE Inc. as of December 31, 2014:
Notes payable (due on June 30, 2015) P1,000,000
Loans payable (due on December 31, 2016) 2,000,000
Bonds payable (due on March 31, 2015) 3,000,000
The following additional notes are provided:
a. The financial statements are approved by the Board of Directors on April 15, 2015.
b. The notes payable is refinanced by SPACE Inc. on February 28, 2015 by additional 12 months.
c. The loans payable contains acceleration clause provision which means that non-payment of any interest will make the
principal due and demandable. SPACE failed to pay the required interest in 2014. The creditor granted grace period to SPACE
on December 31, 2014.
d. SPACE Inc. has the discretion to refinance or roll-over the bonds payable under existing loan facility for a period of at least
12 months.
What is the total current liabilities to be presented by SPACE Inc. as of December 31, 2014?
a. P4,000,000 b. P5,000,000 c. P3,000,000 d. P1,000,000