Reference no: EM132849746
Questions -
Q1. On December 31, 2021, Shy Company had equipment with a cost of P10,000,000 and accumulated depreciation of P5,000,000. Due to obsolescence and physical damage, the equipment was found to be impaired. One the same date, the entity determined that the equipment had a fair value less of disposal of P3,700,000, discounted net cash inflow of P3,000,000, and undiscounted net cash inflow of P4,000,000. How much is the impairment loss on December 31, 2021?
Q2. On November 15, 2020, Sugar Inc. entered a non-cancellable purchase commitment with Milk Farm Co. to purchase 10 cows (one of them is pregnant at the time of the commitment) on February 28, 2021, at P40,000 each. On December 31, 2020, the value per cow increased to P45,000.
On January 1, 2021, the pregnant cow gave birth to a calf after being bothered by the fireworks display held by the City Government of Urdaneta during the New Year celebration. The value of the newborn calf on January 1 is P18,000. On February 28, 2021, Sugar Inc. paid the amount due. On this date, the value of each cow decreases to P38,000 due to an existing foot-and-mouth disease on cows.
How much is the net impact to the income statement of Sugar Inc. as a result of the foregoing transactions in 2021?
Q3. Bailey Company had the following account balances at December 31, 2020:
Cash in banks- P2,250,000
Cash on hand- P125,000
Cash legally restricted for additions to plant (expected to be disbursed in 2022)- P1,600,000
Cash in banks includes P600,000 of compensating balances against short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Bailey.
In the current assets section of Bailey's December 31, 2020 statement of financial position, total cash should be reported at?
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