Reference no: EM132633673

SCR Company provided the following information on December 31, 2016:

Current Assets 6,200,000
Other Assets 11,800,000
Total Assets 18,000,000

Current Liabilities 2,000,000
Long term Liabilities 2,000,000
Capital 14,000,000
Total liabilities and capital 18,000,000

Audit notes:
a. Current assets include the following:

Cash (including P400,000 invested in money instrument and restricted foreign deposit of P600,000) P2,000,000
Land held for undetermined use, at acquisition cost (fair value, is at P1,200,000; the company opted to use the cost model to account for such property) 1,000,000
Account receivable net of an allowance of P100,000 1,400,000
Inventories at cost (NRV is at P1,000,000) 1,200,000
SCR Company share capital at cost 600,000
Total 6,200,000

b. Other assets include the following:

Store supplies 100,000
Building less accumulated depreciation of P1,000,000 6,000,000
Equipment less accumulated depreciation of P500,000 1,500,000
Financial assets at amortized cost - Held to maturity 1,200,000
Financial assets at fair value - through profit or losses 800,000
Trademark 600,000
Advances to officers - indefinite repayment 300,000
Patent 500,000
Land 800,000
Total 11,800,000

c. Current liabilities include:

Accounts payable P1,000,000
Notes payable, due December 31, 2017 200,000
Income tax payable 300,00
Share premium 500,000
Total P2,000,000

d. Long-term liabilities include:

Unearned leasehold income (five years starting 2017) P700,000
Stock dividend payable 300,000
Serial bonds payable (P100,000 maturing annually) 1,000,000
Total P2,000,000

e. Capital includes:

Retained earnings P3,000,000
Share capital, P100 par 10,000,000
Retained earnings appropriated for plant expansion 1,000,000
Total P14,000,000

Requirements:

Question 1. What is the total current assets to be reported in the 2016 statement of financial position?

a. 4,700,000 c. 5,400,000
b. 4,900,000 d. 5,500,000

Question 2. What is the total non-current assets to be reported in the 2016 statement of financial position?

a. 11,900,000 c. 12,600,000
b. 12,500,000 d. 12,700,000

Question 3. What is the total current liabilities to be reported in the 2016 statement of financial position?

a. 1,600,000 c. 1,740,000
b. 1,700,000 d. 2,040,000

Question 4. What is the total non-current liabilities to be reported in the 2016 statement of financial position?

a. 1,600,000 c. 1,460,000
b. 1,700,000 d. 1,400,000

Question 5. What is the total stockholders' equity to be reported in the 2016 statement of financial position?

a. 14,200,000 c. 14,600,000
b. 14,000,000 d. 14,800,000