Louie Makulet Corporation provided the following balances on December 31, 2020 which has been adjusted except for income tax expense: Cash 600,000 Accounts Receivables 3,500,000 Prepaid taxes 450,000 Property, plant and equipment, net 1,510,000 Note payable due in December 21, 2022 1,620,000 Share Capital 750,000 Share premium 2,030,000 Retained Earnings, unappropriated 900,000 Retained Earnings, restricted for notes payable 160,000
Louie Makulet Corporation provided the following balances on December 31, 2020 which has been adjusted except for income tax expense:
Cash 600,000
Accounts Receivables 3,500,000
Prepaid taxes 450,000
Property, plant and equipment, net 1,510,000
Note payable due in December 21, 2022 1,620,000
Share Capital 750,000
Share premium 2,030,000
Retained Earnings, restricted for notes payable 160,000
Revenue 6,680,000
Cost and Expenses 5,180,000
During 2020, estimated tax payments of P450,000 were charged to prepaid taxes. The entity has not recorded income tax
expense. There were no temporary or permanent differences. The tax rate is 30%.
On December 31, 2020, what amount should be reported as:
1. Total current assets?
2. Total non-current assets?
3. Total Retained earnings?
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