Reference no: EM133012618
The following totals are taken from the December 31, 2019 statement of financial position of Capricorn Company.
Current assets P3,500,000
Non-current assets 8,000,000
Current liabilities 2,400,000
Non-current liabilities 2,700,000
Additional information:
a. Cash of P380,000 has been placed in a fund for the retirement of long-term debt. The cash and long-term debt have been offset and are not reflected in the financial statements.
b. Non-current assets include P500,000 cost of treasury shares and land costing P3,000,000. This land has been retired from active use and reclassified as "Held for Sale". The sale is highly probable and is expected to be consummated in July 2020. Based on negotiation with the potential buyer, estimated sales price is P3,500,000; transfer costs of P250,000 is expected to be incurred.
c. Cash of P140,000 has been set aside to pay taxes due. The cash and taxes payable have been offset and do not appear in the financial statements.
d. Advances on salespersons' commissions in the amount of P210,000 have been made. Also, sales commissions payable total P240,000. The net liability of P30,000 is included in current liabilities.
e. The company as of December 31, 2019, was a defendant in a lawsuit for violation of a contract with a supplier. As of December 31, the company believed it was most likely that estimated damages of P180,000 would result, thus a liability was recorded on that date. In March 2020, however, the court decided the case and make an order to the company to pay the plaintiff the amount of P168,000.
Problem 1. What is the adjusted total current assets as of December 31, 2019?
Problem 2. What is the adjusted total non-current assets as of December 31, 2019?
Problem 3. What is the adjusted total current liabilities as of December 31, 2019?
Problem 4. What is the adjusted total non-current liabilities as of December 31, 2019?
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