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    INTACC Valix Chap3 Questions

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    clary fray
    The document summarizes the assets, liabilities, and equity of Magna Company as of a certain date. It includes current assets of $2.1 million such as cash, receivables, and inventories. Non-current assets total $7.75 million, including property, plant, and equipment of $7.15 million. Total assets are $9.85 million. Current liabilities are $1 million and non-current liabilities are $2.2 million. Shareholders' equity is $6.65 million, consisting of share capital, reserves, and retained earnings. Various notes provide additional details on line items.

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    INTACC Valix Chap3 Questions

    Uploaded by

    clary fray
    66 views10 pages
    The document summarizes the assets, liabilities, and equity of Magna Company as of a certain date. It includes current assets of $2.1 million such as cash, receivables, and inventories. Non-current assets total $7.75 million, including property, plant, and equipment of $7.15 million. Total assets are $9.85 million. Current liabilities are $1 million and non-current liabilities are $2.2 million. Shareholders' equity is $6.65 million, consisting of share capital, reserves, and retained earnings. Various notes provide additional details on line items.

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    INTACC_valix_chap3_questions

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    The document summarizes the assets, liabilities, and equity of Magna Company as of a certain date. It includes current assets of $2.1 million such as cash, receivables, and inventories. Non-current assets total $7.75 million, including property, plant, and equipment of $7.15 million. Total assets are $9.85 million. Current liabilities are $1 million and non-current liabilities are $2.2 million. Shareholders' equity is $6.65 million, consisting of share capital, reserves, and retained earnings. Various notes provide additional details on line items.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    66 views10 pages

    INTACC Valix Chap3 Questions

    Uploaded by

    clary fray
    The document summarizes the assets, liabilities, and equity of Magna Company as of a certain date. It includes current assets of $2.1 million such as cash, receivables, and inventories. Non-current assets total $7.75 million, including property, plant, and equipment of $7.15 million. Total assets are $9.85 million. Current liabilities are $1 million and non-current liabilities are $2.2 million. Shareholders' equity is $6.65 million, consisting of share capital, reserves, and retained earnings. Various notes provide additional details on line items.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 10

    Problem 2-1 Note 1 - FAFVPL

    ASSETS
    Current Assets Note
    Cash 800,000
    FAFVPL 1 440,000
    Trade & Other Receivables 2 700,000 Note 2 - Trade & Other
    Inventories 1,000,000
    Prepaid Expenses 160,000
    TOTAL CURRENT ASSET 3,100,000

    Non-Current Assets Note 3 - PPE


    PPE 3 6700000
    Intangible Assets 4 200,000
    TOTAL NON-CURRENT ASSET 6,900,000

    TOTAL ASSETS 10,000,000

    LIABILITIES Note 4 - Intangiblle Ass


    Current Liabilities
    Trade & other payables 1200000
    Note 5 - Trade & Other
    Non-current Liabilities
    Bonds Payable, due April 1, 2022 1,800,000
    Notes Payable, due July 1, 2021 250,000
    TOTAL: 2,050,000

    SHAREHOLDER'S EQUITY
    Share Capital, P100 par Note 6 - Bonds Payable
    40,000 authorized
    30,000 issued 3,000,000
    Reserves 250,000
    Retained Earnings 3,750,000
    Treasury shares, at cost, 2000 shares -250,000 Note 7 - Reserves
    TOTAL: 6,750,000

    TOTAL LIABILITIES & SHE: 10,000,000 Note 8 - Retained Earni


    Problem 2-2
    ASSETS
    Current Assets
    Cash & Cash equivalents 1 700,000
    Trade & Other Receivables 2 700,000
    Inventories 600,000
    Prepaid Expenses 3 50,000
    TOTAL 2,050,000

    Non-current Assets
    PPE 4 4,150,000
    Long-term investments 5 1,000,000
    Investment Property 6 500,000
    Intangible Assets 7 550,000
    Other non-current assets 8 450,000
    TOTAL 6,650,000

    TOTAL ASSETS 8,700,000

    LIABILITIES
    Current Liabilities
    Trade & Other payables 970,000
    Serial bonds payable - current 100,000
    TOTAL 1,070,000

    Non-current liabilites
    Serial bonds - remaining 400,000
    Unearned leasehold income - remaining 280,000
    TOTAL 680,000

    TOTAL LIABILITIES 1,750,000

    SHAREHOLDER'S EQUITY
    Share Capital, P100 par 5,000,000
    Reserves 1,050,000
    Retained Earnings 1,200,000
    Less: Treasury shares, at cost -300,000
    TOTAL 6,950,000

    TOTAL LIABILITIES & EQUITY 8,700,000


    Problem 2-3 (Magna Company)
    ASSETS
    Current Asset Note
    Cash 400,000
    FAFVPL 100,000 (investment in securities, short-term)
    Trade & Other Receivables 1 700,000
    Inventories 800,000
    Prepaid Expenses 100,000
    TOTAL 2,100,000

    Non-current Asset
    PPE 2 7,150,000
    Long-term Investment 3 300,000
    Intangible 4 300,000
    TOTAL 7,750,000

    TOTAL ASSETS 9,850,000

    LIABILITIES
    Current Liabilities
    Trade & Other Payables 5 550,000
    Notes Payable, short-term 450,000
    TOTAL 1,000,000

    Non-current Liabilities
    Notes Payable, long-term 300,000
    Bonds Payable 6 1,900,000
    TOTAL 2,200,000

    SHAREHOLDER'S EQUITY
    Share Capital 7 2,750,000
    Reserves 8 1,450,000
    Retained Earnings 2,450,000
    TOTAL 6,650,000
    TOTAL LIABILITIES & SHE: 9,850,000

    Reserves
    - Share Premium +
    APPROPRIATED
    retained earnings
    Note 1 - FAFVPL 690,000
    Less: treasury shares acquired at cost -250,000
    TOTAL 440,000

    Note 2 - Trade & Other Receivables


    Accounts Receivables 750,000
    Less: Allowance for doubtful accounts -50,000
    TOTAL 700,000

    Note 3 - PPE
    Land 500,000
    Building in Process 5,000,000
    Machinery and Equipment 1,500,000
    Less: Acc. Depreciation -300,000
    TOTAL 6,700,000

    Note 4 - Intangiblle Asset


    Patent 200,000

    Note 5 - Trade & Other Payables


    Accounts Payable 900,000
    Accrued Interest on bonds payable 50,000 (2,000,000 x 10% x 3/12)
    Accrued Expenses 150,000
    Liability for loss on lawsuit 100,000
    TOTAL: 1,200,000

    Note 6 - Bonds Payable


    Bonds Payable 2,000,000
    Less: Discount on Bonds Payable -200,000
    TOTAL 1,800,000

    Note 7 - Reserves
    RE appropriated for contingencies 250,000

    Note 8 - Retained Earnings


    Unappriated balance 4,000,000
    Add: Cancellation of appropriation
    for contingencies 150,000
    Total: 4,150,000

    Less:
    Accrued Interest on bonds 50,000
    Appropriated for treasury stocks 250,000
    Actual loss on lawsuit 100,000
    Total: -400,000
    TOTAL UNAPPROPRIATED RE 3,750,000
    Note 1 - Cash & Cash Equivalents
    Cash 500,000
    Money market instruments 200,000
    TOTAL 700,000

    Note 2 - Trade & Other Receivables


    Accounts Receivable 750,000
    Less: AFDA -50,000
    TOTAL 700,000

    Note 3 - Prepaid Expenses


    Store supplies 50,000

    Note 4 - PPE
    Land 400,000
    Building 3,500,000
    Less: Acc. Depreciation - Bldg -500,000 3,000,000
    Equipment 1,000,000
    Less: Acc. Depreciation - Equip. -250,000 750,000
    TOTAL 4,150,000

    Note 5 - Long-term Investments


    Financial assets at amortized cost 1,000,000

    Note 6 - Investment Property


    Land held for undetermined use 500,000

    Note 7 - Intangible Assets


    Patent 250,000
    Trademark 300,000
    TOTAL 550,000

    Note 8 - Other noncurrent assets


    Advances to officers, indefinite repayment 150,000
    Restricted Foreign deposit 300,000
    TOTAL 450,000

    Note 9 - Trade & Other Payables


    Accounts Payable 500,000
    Notes Payable, due Dec. 31, 2020 100,000
    Income Tax Payable 150,000
    Unearned leasehold income, current 70,000 (starting 2020)
    Stock dividend payable 150,000
    TOTAL 970,000
    Note 10 - Reserves
    Share premium 250,000
    RE appropriated for plant expansion 500,000
    RE appropriated for treasury, at cost 300,000
    TOTAL 1,050,000

    Note 11 - Retained Earnings


    Unappropriated balance 1,500,000
    Less: Appropriated for Treasury shares -300,000
    TOTAL 1,200,000

    Note 1 - Trade & Other Receivable


    Accounts Receivable 750,000
    Less: AFDA -50,000
    TOTAL 700,000

    Note 2 - PPE
    Land 1,250,000
    Land for future plant site 1,500,000
    Building 5,000,000
    Less: Acc. Depreciation - Bldg -1,600,000 3,400,000
    Equipment 1,400,000
    Less: Acc. Depreciation - Equip. -400,000 1,000,000
    TOTAL 7,150,000

    Note 3 - Long-term investment


    Investment in securities, long-term 250,000
    (!!!) pls remember na
    Cash surrender value of life 50,000 part siya ng LONG-
    insurance contract TERM INVESTMENT
    TOTAL 300,000

    Note 4 - Intangible
    Franchise 100,000
    Goodwill 200,000
    TOTAL 300,000

    Note 5 - Trade & Other Payables


    Accounts Payable 400,000
    Taxes Payable 150,000
    TOTAL 550,000

    Note 6 - Bonds Payable


    Bonds Payable 2,000,000
    Less: Discpunt on Bonds Payable -100,000
    TOTAL 1,900,000
    Note 7 - Share Capital
    Preference share capital, P5 stated value
    300,000 authorized and 150,000 issued 750,000 (5 x 150,000)

    Ordinary share capital, P20 par value


    400,000 authorized and 100,000 issued 2,000,000 (20 x 100,000)
    TOTAL 2,750,000

    Note 8 - Reserves
    ves Share Premium - PS 250,000 (1,000,000 - 750,000)
    re Premium +
    OPRIATED Share Premium - OS 1,000,000 [(P30 issue price x
    ed earnings RE appropriated for contingency 200,000 100,000) - (P20 par
    TOTAL 1,450,000 value x 100,0000]

    Share Premium = issue price - par value


    (i.e. issue/market/selling)
    (i.e par/nominal/face/stated)
    remember na
    a ng LONG-
    NVESTMENT
    (5 x 150,000)

    (20 x 100,000)

    0 - 750,000)
    ssue price x
    0) - (P20 par
    x 100,0000]

    mium = issue price - par value


    /market/selling)
    ominal/face/stated)

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