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    CFAS

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    2023-202982

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    © All Rights Reserved
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    CFAS

    Uploaded by

    2023-202982
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    © All Rights Reserved
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    0 views4 pages

    CFAS

    Uploaded by

    2023-202982

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    VERDE, AIZEL CATAUSAN EQUITY - 01 - 203A

    EXEMPLAR COMPANY
    Statement of Financial Position
    December 31, 2020

    ASSETS
    Note
    Current Assets:
    Cash and cash equivalents 500,000
    Trading Securities 280,000
    Trade and Other
    Receivables (1) 640,000
    Inventories 1,300,000
    Prepaid Expenses 70,000
    Total Current Assets 2,790,000

    Noncurrent Assets:
    Property, Plant, and
    Equipment (2) 5,300,000
    Long-term Investments (3) 1,310,000
    Intangible Assets (4) 3,350,000
    Other Noncurrent Asset (5) 150,000
    Total Noncurrent Assets 10,110,000

    Total Assets 12,900,000

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current Liabilities:
    Trade and other payables (6) 1,000,000
    Total Current Liabilities 1,000,000

    Noncurrent Liabilities:
    Premium on bonds payable 1,000,000
    Bonds payable 5,000,000
    Total Noncurrent Liabilities 6,000,000

    Total Liabilities 7,000,000

    Shareholders' Equity
    Share premium (7) 700,000
    Share capital (8) 7,000,000
    Retained earnings (1,800,000)
    Total Shareholders' Equity 5,900,000

    Total Liabilities and Shareholder's Equity 12,900,000


    NOTE 1 - Trade and Other Receivables
    Accounts receivable 400,000
    Allowance for doubtful accounts (20,000) 380,000
    Accrued interest on notes receivable 10,000
    Notes receivable 250,000
    Total Trade and Other Receivables 640,000

    NOTE 2 - Property, Plant, and Equipment


    Building 5,000,000
    Equipment 1,000,000
    Land 1,500,000
    Total 7,500,000
    Accumulated Depreciation (2,200,000)
    Carrying Amount 5,300,000

    Accumulated Depreciation:
    Accumulated depreciation-building 2,000,000
    Accumulated depreciation-equipment 200,000
    Total Accu. Dep'n 2,200,000

    NOTE 3 - Long Term Investments


    Sinking fund 400,000
    Cash surrender value 60,000
    Land held for speculation 500,000
    Preference share redemption fund 350,000
    Total long term investments 1,310,000

    NOTE 4 - Intangible Assets


    Patent 100,000
    Computer software 3,250,000
    Total intangible assets 3,350,000
    NOTE 5 - Other Noncurrent Assets
    Advances to officers-not currently collectible 100,000
    Long-term refundable deposit 50,000
    Total other noncurrent assets 150,000

    NOTE 6 - Trade and Other Payables


    Unearned rent income 40,000
    Notes payable 300,000
    SSS payable 10,000
    Accounts payable 400,000
    Accrued salaries 100,000
    Dividends payable 120,000
    Withholding tax payable 30,000
    Total trade and other payables 1,000,000

    NOTE 7 - Share Premium


    Share premium - preference 500,000
    Share premium - ordinary 200,000
    Total share premium 700,000

    NOTE 8 - Share capital


    Preference share capital 2,000,000
    Ordinary share capital 5,000,000
    Total share capital 7,000,000

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