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    IA Notes 1

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    jumawaymichaeljeffrey65
    The Simson Company has total current assets of P7,585,000 consisting of cash, accounts receivable, inventory, notes receivable, and deferred tax assets. It has total noncurrent assets of P21,400,000 consisting of property, plant and equipment, investments, and deferred tax assets. The Cueto Company has total current assets of P17,700,000 consisting of inventory, accounts receivable, cash, interest receivable, investments, deferred tax assets, and prepaid expenses. It has total noncurrent assets of P19,700,000 consisting of bond sinking fund, investments, property, and accumulated depreciation. The Moral Company has total current liabilities of P

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    IA Notes 1

    Uploaded by

    jumawaymichaeljeffrey65
    7 views3 pages
    The Simson Company has total current assets of P7,585,000 consisting of cash, accounts receivable, inventory, notes receivable, and deferred tax assets. It has total noncurrent assets of P21,400,000 consisting of property, plant and equipment, investments, and deferred tax assets. The Cueto Company has total current assets of P17,700,000 consisting of inventory, accounts receivable, cash, interest receivable, investments, deferred tax assets, and prepaid expenses. It has total noncurrent assets of P19,700,000 consisting of bond sinking fund, investments, property, and accumulated depreciation. The Moral Company has total current liabilities of P

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    The Simson Company has total current assets of P7,585,000 consisting of cash, accounts receivable, inventory, notes receivable, and deferred tax assets. It has total noncurrent assets of P21,400,000 consisting of property, plant and equipment, investments, and deferred tax assets. The Cueto Company has total current assets of P17,700,000 consisting of inventory, accounts receivable, cash, interest receivable, investments, deferred tax assets, and prepaid expenses. It has total noncurrent assets of P19,700,000 consisting of bond sinking fund, investments, property, and accumulated depreciation. The Moral Company has total current liabilities of P

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    © All Rights Reserved
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    7 views3 pages

    IA Notes 1

    Uploaded by

    jumawaymichaeljeffrey65
    The Simson Company has total current assets of P7,585,000 consisting of cash, accounts receivable, inventory, notes receivable, and deferred tax assets. It has total noncurrent assets of P21,400,000 consisting of property, plant and equipment, investments, and deferred tax assets. The Cueto Company has total current assets of P17,700,000 consisting of inventory, accounts receivable, cash, interest receivable, investments, deferred tax assets, and prepaid expenses. It has total noncurrent assets of P19,700,000 consisting of bond sinking fund, investments, property, and accumulated depreciation. The Moral Company has total current liabilities of P

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    of 3

    SIMSON COMPANY

    Cash P800,000
    Cash equivalents P2,000,000
    Accounts receivable P2,500,000
    (net of credit balances) (P165,000) P2,335,000
    Inventory P1,850,000
    Notes receivable – trade P1,000,000
    Bank overdraft (P400,000)
    Total Current Assets P7,585,000

    Deferred tax assets P700,000


    Factory building P5,000,000
    Investment in debt securities – FVTPL P975,000
    Investment in associate P2,750,000
    Office building P4,500,000
    Equipment P1,750,000
    Machinery P925,000
    Truck held for sale P1,200,000
    Investment in debt securities – FVTOCI P1,500,000
    Investment in equity securities – FVTPL P2,100,000
    Total Noncurrent Assets P21,400,000

    CUETO Company
    Inventory(including P1,500,000 expected
    to be sold after 15 months) P8,000,000
    Gross accounts receivable, related allowance
    for bad debts has a balance of P150,000 P3,000,000
    Cash in the bank, including a time deposit of
    P500,000 maturing in six months P2,000,000
    Interest receivable P750,000
    Investment in debt securities – FVTOCI,
    maturing on April 1, 2022 P1,000,000
    Investment in debt securities – FVTPL,
    maturing on July 1, 2022 P1,250,000
    Deferred tax asset, related temporary
    difference expected to reverse in 2022 P900,000
    Prepaid insurance P800,000
    Total Current Assets P17,700,000

    Bond sinking fund P5,500,000


    Investment in debt securities – amortized cost,
    maturing on December 31, 2023 P4,000,000
    Investment in equity securities – FVTPL P2,500,000
    Warehouse, cost P8,000,000
    Accumulated depreciation – warehouse (P3,200,000)
    Office building, cost P4,500,000
    Accumulated depreciation – office building (P1,600,000)
    Total Noncurrent Assets P19,700,000

    MORAL Company
    Accounts payable P900,000
    Accrued liabilities P600,000
    Unearned income P450,000
    Warranty liability P300,000
    Notes payable – trade P1,000,000
    Income tax payable P250,000
    VAT payable P750,000
    Bank overdraft P315,000
    Share dividends payable P1,500,000
    Cash dividends payable P2,200,000
    Total Current Liabilities P8,265,000

    Loans payable P2,000,000


    Mortgage payable P3,500,000
    Discount on bonds payable P345,000
    Net pension liability P4,200,000
    Liability for vacation leave P850,000
    Redeemable preference shares – due in 2024 P1,800,000
    Bonds payable P5,000,000
    Convertible bonds payable P4,000,000
    Appropriation of retained earnings
    for contingent liability P2,700,000
    Total Noncurrent Liabilities P24,395,000

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