Reference no: EM133141635
Question - You are given the following information post-closing trial balance of Vivianne Company for December 31, 2021
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Account title
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Debits
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Credits
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Cash on hand and in bank
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P35,000
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|
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Accounts receivable
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240,000
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|
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Allowance for doubtful accounts
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P8,000
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Advances to Employees
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4,800
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|
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Interest Receivable
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3,000
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|
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Prepaid Expenses
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180,000
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|
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Land
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200,000
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|
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Building
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500,000
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Accumulated depreciation-building
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P150,000
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Equipment
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192,000
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|
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Accumulated depreciation-equipment
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59,200
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Utility Deposits
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15,000
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Other Assets
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6,000
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Accounts Payable
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P260,000
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Advances from customers
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10,000
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Accrued expenses
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30,000
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Mortgage Payable
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600,000
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Ordinary Shares
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400,000
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Retained Earnings
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143,200
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Totals
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P1,535,200
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P1,535,200
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Your examination of the company's accounts disclosed the following information:
1. It was disclosed that goods costing P20,000 which were consigned to Sharon Company for sale at 140% above cost were recorded as sold upon shipment on November 1, 2021. The goods were unsold at year-end.
2. Equipment acquired for P10,000 on July 1, 2019 was sold for P9,000 cash on July 1, 2-21. The proceeds from the sale were credited to the equipment account. New equipment purchased on October 1, 2021 for P20,000 was charged to Repairs and Maintenance account in error.
3. The company depreciates the building at 5% a year and the equipment at 10% a year. Depreciation for 2021 has not been recorded.
4. The mortgage payable calls for annual payment of P100,000 on every September 30. Amortizations , including interest at 12% per year, were paid as due. Interest was properly accrued during the year.
5. During the year, the excess of the amount received over the par value or the ordinary shares issued of P40,000 was credited to Retained Earnings. No dividends were declared during the year. The retained earnings beginning balance show a credit balance of P70,000.
6. Based on past experience, the company should maintain the allowance for doubtful accounts at 5% of the customer's outstanding balances.
Required - Based on the above data, answer the following:
1. How much is the unadjusted net loss in 2021?
2. How much is the adjusted loss in 2021?
3. How much is the adjusted total assets as of December 31, 2021?
4. How much is the adjusted current liabilities as of December 31, 2021?
5. How much is the adjusted total shareholder's equity as of December 31, 2021?