Reference no: EM132675664
Question - BOSTON CELTICS Co. provided the following information on December 31, 2019:
Income tax expense 80,000
Cash and cash equivalents 200,000
Income tax payable 60,000
Accounts receivable 430,000
Deferred tax liability 140,000
Inventories 1,280,000
Retained earnings - 1/1/2019 1,800,000
FAFVTOCI 1,250,000
Dividends 500,000
Land 500,000
Revaluation surplus - 1/1/2019 180,000
Building 3,000,000
Unrealized gain on financial asset 140,000
A/D-building 800,000
Share capital 3,000,000
Plant and Equipment 1,200,000
Sales 5,000,000
A/D-plant and equipment 200,000
Realized gain on financial asset 2019 50,000
Patent 1,100,000
Revaluation surplus - land 2019 70,000
Notes payable - bank due 6/30/21 1,700,000
Cost of goods sold 3,000,000
Accounts payable 550,000
Distribution costs 980,000
Provisions 130,000
Administrative expenses 300,000
The entity issued shares at par value of P800,000 during the year.
Cash dividends of P300,000 were paid and share dividends of P200,000 were issued on 12/31/2019.
Requirements - Compute the balances of the following accounts to be reflected in the Statement of Financial Position (no. 1 to 7) as of December 31, 2019:
1. Total Current Assets
2. Total Non-current Assets
3. Total Assets
4. Total Current Liabilities
5. Total Non-current Liabilities
6. Total Liabilities
7. Total Shareholders' Equity
8. Net income (Loss)