Reference no: EM132849995
Questions -
Q1. For the year ended Dec. 31, 2020, Philippians Company paid interest totaling P15,000. The prepaid interest expense is P44,500 and P17,500, respectively on December 31, 2019 and 2020. The interest payable is P5,000 and P8,500, respectively on December 31, 2019 and 2020. The amount of interest expense that should be reported on December 31, 2020?
Q2. In the income statement for the current year, Drum Company reported revenue P50,000,000, excluding intersegment sales P10,000,000, expenses P47,000,000 and net income P3,000,000. Expenses incurred payroll costs of P15,000,000. The combined identifiable assets of all operating segments at year-end totaled P40,000,000. What is the minimum amount of external revenue to be disclosed by reportable segments?
Q3. The ledger of Kim Co. as of December 31, 2021 includes the following:
Cash Equivalents- P20,000
Accounts receivables (net of P20,000 credit balance in accounts)- P80,000
Loan receivable (due in 20 semi-annual payments of P8,000)- P160,000
Cash - P70,000
Notes receivable (due on March 31, 2022)- P140,000
Discount on notes receivable- P60,000
Petty Cash Fund- P10,000
Contingent assets- P24,000
Deferred tax assets (expected to reverse in 2022)- P72,000
Inventories - P88,000
Property, plant and equipment, net- P200,000
How much is the total current assets?
Q4. The statement of financial position of Twin Seas Company, a partnership, showed the following accounts and their balances on January 1 and December 31, 2020.
Cash
Jan 1 - 42,800
Dec 31 - 50,200
Accounts Receivable (net)
Jan 1 - 43,100
Dec 31 - 65,000
Inventory
Jan 1 - 20,200
Dec 31 - 59,000
Accounts Payable
Jan 1 - 12,000
Dec 31 - 15,000
Salaries Payable
Jan 1 - 5,000
Dec 31 - 8,500
During the year 2020, the owners of Twin Seas made additional investments for a total of P55,000 and withdrawals amounted to P30,000. How much is the profit of Twin Seas for the year 2020?
Q5. Regent Company, a publicly owned entity, is subject to the requirements of segment reporting. In the income statement for the year ended December 31, 2020, the entity reported revenue of P60,000,000 excluding intersegment sales of P15,000,000, expenses of P50,000,000 and net income of P10,000,000. Expenses included payroll costs of P20,000,000. The combined identifiable assets of all operating segments on December 31, 2020 totaled P40,000,000. External revenue of reportable operating segments must be at least.