Increase / (Decrease)P500,000(4,600,000)(460,000)4,800,0003,000,0002,400,000CashAccounts receivableAllowance for bad debtsMerchandise inventoryInvestment in associateProperty, plant and equipmentAccumulated depreciationNotes payableBonds payableDiscount on bonds payableOrdinary share capitalShare premiumRevaluation surplusTreasury shares800.0002,600,000(2,800,000)(600,000)3,900,000200,0002,600,000320.000Additional information:On December 31, 20x6, Noel Co. declared cash dividends amounting to P500,000 and share dividends amounting toP800,000. Also during the year, the company appropriated retained earnings for the retirement of bonds amounting toP100,000.During the year, Noel obtained a bank loan of P2,000,000 and paid off loan amortization of P1,600,000 and interest ofP100,000. Interest of P180,000 is accrued on December 31, 20x6. There was no interest payable at the end of 20x5. In20x6, Noel Company acquired treasury shares from its existing shareholders.Compute for the net loss during the year.

It is the method of accounting in which the transactions are recorded using single entry, instead of…

Answered: Increase / (Decrease) P500,000…

Increase / (Decrease) P500,000 (4,600,000) (460,000) 4,800,000 Cash Accounts receivable Allowance for bad debts Merchandise inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 428,571.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,035.00 Interest expense 40,500 42,155.00 Inventories 279,000 288,000 Long-term debt 339,577.00 401,377.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,171.00 Retained earnings 306,000 342,000 Sales 639,000 849,094.00 Taxes 24,750 47,192.00 What is the current year's entry for long-term debt on a common-sized balance sheet? (ROUND TO 4 DECIMAL PLACES.)
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The assets of Fonzarelli Corporation are presented below (000s omitted). Fonzarelli CorporationBalance Sheet (Partial)December 31, 2020 Assets Current assets Cash $ 100,000 Unclaimed payroll checks 27,500 Debt investments (trading) (fair value $30,000) at cost 37,000 Accounts receivable (less bad debt reserve) 75,000 Inventory—at lower-of-cost (determined by the next-in, first-out method)-or-net realizable value 240,000 Total current assets 479,500 Tangible assets Land (less accumulated depreciation) 80,000 Buildings and equipment $800,000 Less: Accumulated depreciation 250,000 550,000 Net tangible assets 630,000 Long-term investments Stocks and bonds 100,000 Treasury stock 70,000 Total long-term investments 170,000 Other assets Discount on bonds payable 19,400 Sinking fund 975,000 Total other assets 994,400 Total assets $2,273,900…
A company with P50,000 in current assets, P25,000 in quick assets, and P30,000 in current liabilities make a payment of a P1,500 current debt. As a result of this transaction, the current ratio and quick ratio will a. both decrease b. increase and decrease, respectively c. both increase d. remain the same and decrease, respectively
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Darlentina Company provided the following information for the current year: Income from continuing operations P4,000,000 Income from discontinued operations 500,000 Unrealized gain on financial asset-FVPL 800,000 Unrealized loss on equity investment - FVOCI 1,000,000 Unrealized gain on debt investment - FVOCI 1,200,000 Unrealized gain on futures contract designated as a cash flow hedge 400,000 Translation loss on foreign operation 200,000 Net "remeasurement" gain on defined benefit plan 600,000 Loss on credit risk of a financial liability at FVPL 300,000 Revaluation surplus during the year 2,500,000 1. What amount should be reported as OCI for the current…