Reference no: EM133176358
Questions -
Q1. The following items are included in SH Holdings Co. adjusted trial balance as of December 31, 2020:
P12,000 in net unrealized loss on equity securities at fair value through OCI
P90,000 Retained appropriated for contingencies
P120,000 in unappropriated retained earnings
P5 par P360,000 in Ordinary Share Capital
P480,000 in share premium
P30,000 in Treasury shares
On the December 2020 Statement of Financial Position, the total shareholder equity should be?
Q2. Given:
P960,000 in accounts payable
P2,160,000 in accounts receivable
Bad debt allowance of P250,000
P224,000 in cash
Payable Wages P108,000
P450,000 in trademarks
The total current liabilities that should be shown on the Statement of Financial Position are .
Q3. Sarah Co. maintains single entry records for his company.
On December 1, the inventory was P50,000, and on December 31, it was P60,000.
The freight-in paid was 10,000.
On December 1, the accounts payable per file was P110,000, and on December 31, it was P140,000.
P45,000 was spent on cash purchases during the month.
Purchase returns were allowed up to P 22,500.
P280,000 in accounts payable was paid; and
What is the cost of sales for the month of December?
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