Reference no: EM132912628
Problem 1: A client erroneously forgot to amortize its goodwill account. Which of the following conclusions could you make about this?
a. The client has amnesia.
b. The client should apply full PFRS.
c. The client's goodwill account is understated.
d. The client is a small entity and has to amortize goodwill.
Problem 2: Rice Company was incorporated on January 1, 2014, with P5,000,000 from the issuance of share capital and borrowed funds of Pi,500,000. During the first year of operations, net income was P2,500,000. On December 15, 2014, the entity paid a P500,000 cash dividend. No additional activities affected shareholders' equity in 2014. On December 31, 2014, the liabilities had increased to P1,800,000. On December 31, 2014, what amount should be reported as total assets?
a. P6,500,000
b. P6,800,000
c. P8,800,000
d. P9,300,000
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