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Problem 3.2

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MedicareMinstun Project

This document is the statement of financial position for YVONE Trading as of December 31, 2018. It lists the company's current assets of ₱7,380,000 including cash, receivables, inventory, and prepaid expenses. Non-current assets total ₱10,365,000 including property and equipment, long-term investments, intangible assets, and other non-current assets. Total assets are ₱17,745,000. Current liabilities are ₱3,825,000 and non-current liabilities are ₱4,500,000 for total liabilities of ₱8,325,000. Owner's equity includes capital of

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Problem 3.2

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MedicareMinstun Project
486 views3 pages
This document is the statement of financial position for YVONE Trading as of December 31, 2018. It lists the company's current assets of ₱7,380,000 including cash, receivables, inventory, and prepaid expenses. Non-current assets total ₱10,365,000 including property and equipment, long-term investments, intangible assets, and other non-current assets. Total assets are ₱17,745,000. Current liabilities are ₱3,825,000 and non-current liabilities are ₱4,500,000 for total liabilities of ₱8,325,000. Owner's equity includes capital of

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This document is the statement of financial position for YVONE Trading as of December 31, 2018. It lists the company's current assets of ₱7,380,000 including cash, receivables, inventory, and prepaid expenses. Non-current assets total ₱10,365,000 including property and equipment, long-term investments, intangible assets, and other non-current assets. Total assets are ₱17,745,000. Current liabilities are ₱3,825,000 and non-current liabilities are ₱4,500,000 for total liabilities of ₱8,325,000. Owner's equity includes capital of

Copyright:

© All Rights Reserved
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
486 views3 pages

Problem 3.2

Uploaded by

MedicareMinstun Project
This document is the statement of financial position for YVONE Trading as of December 31, 2018. It lists the company's current assets of ₱7,380,000 including cash, receivables, inventory, and prepaid expenses. Non-current assets total ₱10,365,000 including property and equipment, long-term investments, intangible assets, and other non-current assets. Total assets are ₱17,745,000. Current liabilities are ₱3,825,000 and non-current liabilities are ₱4,500,000 for total liabilities of ₱8,325,000. Owner's equity includes capital of

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John Emmanuel Medina ABM – Ford

Problem 3.2
YVONE Trading
Statement of Financial Position
As of December 31, 2018

ASSETS
Current Assets
Cash and cash equivalents (Note 1) ₱ 2,175,000
Trade and other receivables (Note 2) 3,465,000
Merchandise inventory 1,275,000
Trading securities 300,000
Prepaid expenses (Note 3) 165,000
Total current assets ₱ 7,380,000
Non-current assets
Property, plant and equipment (Note 4) ₱ 6,750,000
Long-term investments (Note 5) 1,552,500
Intangible asset (Note 6) 637,500
Other non-current assets (Note 7) 1,425,000
Total non-current assets ₱10,365,000
Total assets ₱17,745,000
LIABILITIES and OWNER’S EQUITY
Current liabilities
Trade and other payables (Note 8) ₱ 3,525,000
Warranty payable 225,000
Deferred tax liability 75,000
Total current liabilities ₱ 3,825,000
Non-current liabilities
Bonds payable ₱ 4,500,000
Total non-current liabilities ₱ 4,500,000
Total liabilities ₱ 8,325,000
Owner’s Equity
Jenny, Capital ₱10,120,000
Less: Jenny, Drawing (700,000)
Total owner’s equity ₱ 9,420,000

Total liabilities and owner’s equity ₱17,745,000


YVONE Trading
Notes to Financial Statement
As of December 31, 2018

Note 1 – Cash and Cash Equivalents


Cash in bank ₱ 1,050,000
Cash on hand awaiting deposit 375,000
Time deposit 750,000
Total cash and cash equivalents ₱ 2,175,000

Note 2 – Trade and Other Receivables


Accounts receivable – trade ₱ 1,500,000
Allowance for doubtful accounts 150,000
Notes receivable – trade 1,875,000
Accrued interest on notes receivable 90,000
Claims receivable 150,000
Total trade and other receivables ₱ 3,465,000

Note 3 – Prepaid Expenses


Office supplies ₱ 30,000
Prepaid insurance 135,000
Total prepaid expenses ₱ 165,000

Note 4 – Property, Plant and Equipment


Building ₱ 4,500,000
Less: Accumulated depreciation – building (1,125,000)
Machinery 2,250,000
Less: Accumulated depreciation – machinery (750,000)
Land 1,875,000
Total property, plant and equipment ₱ 6,750,000

Note 5 – Long-term Investments


Investment in stocks ₱ 900,000
Investment in bonds 375,000
Sinking fund 187,500
Cash surrender value 90,000
Total long-term investments ₱ 1,552,500

Note 6 – Intangible Asset


Goodwill ₱ 637,500
Total intangible asset ₱ 637,500
Note 7 – Other Non-current Assets
Advances to officers ₱ 1,350,000
Refundable deposit of customers 75,000
Total other non-current assets ₱ 1,425,000

Note 8 – Trade and Other Payables


Accounts payable ₱ 1,875,000
Notes payable – trade 1,125,000
Income tax payable 187,500
Withholding tax payable 112,500
SSS payable 225,000
Total trade and other payables ₱ 3,525,000

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