ollectible immediately) = P23,440. · Cash = P10,000. · Common stocks of Entity Z, one of the most traded assets in Country A’s stock exchange, purchased by the airline to speculate = P2,715. · Oil Price derivative entered into by the entity to hedge the commodity price risk of the anticipated future purchase of oil for use in the entity’s operating business = P6,720. · A gold price derivative entered into by the
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The
· Bank cheque account = P58,400.
· Bank savings account (collectible immediately) = P23,440.
· Cash = P10,000.
· Common stocks of Entity Z, one of the most traded assets in Country A’s stock exchange, purchased by the airline to speculate = P2,715.
· Oil Price derivative entered into by the entity to hedge the commodity price risk of the anticipated future purchase of oil for use in the entity’s operating business = P6,720.
· A gold price derivative entered into by the entity to speculate = P9,880
· Treasury bonds issued by the government of Country A – P8,500. The entity acquired the bonds from the government one week before entity’s reporting date. The bonds mature 2 months after the date of acquisition (ie they are two-month bonds from the date of issue).
· Treasury bonds issued by the government of Country A = P6,300. The entity acquired those bonds from the government in the previous annual reporting date. The bonds mature 15 months after the date of acquisition (ie they are 15-month bonds).
In the absence of evidence to the contrary, the entity’s total cash and cash equivalent at December 31,2021 is:
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- Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.Dunn Company recognized a 5,000 unrealized holding gain on investment in Starbuckss long-term bonds during 2019. The company classified its investment as an available-for-sale security. How would this information be reported on a statement of cash flows prepared using the indirect method?
- Maguindanao Computer, Inc., reports the following statement of financial position amounts as of December 31, 2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 2. Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for…Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…
- Maguindanao Computer, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data a. An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 b. Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise…Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2020 Sharapova Company common stock, $100 par, 200 shares $ 37,400 April 1 U.S. government bonds, 11%, due April 1, 2030, interest payableApril 1 and October 1, 110 bonds of $1,000 par each 110,000 July 1 McGrath Company 12% bonds, par $50,000, dated March 1, 2020,purchased at 104 plus accrued interest, interest payableannually on March 1, due March 1, 2040 54,000 Instructions (Round all computations to the nearest dollar.) a. Prepare entries necessary to classify the amounts into proper accounts, assuming that the debt securities are classified as available-for-sale. b. Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2020, using the straight-line method. c. The fair values of the investments on December 31, 2020, were: Sharapova…The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1,2023) P10,000 and land P12,000. 2. Long term investments include a P4,600 investment in fair value though other comprehensive income securitiesthat is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be helduntil their December 31, 2029 maturity date. 3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costingP29,600. 4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, andtreasury shares that costs P1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bondretirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated. 6. Current liabilities include accounts payable P19,400, bonds payable…
- The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1,2023) P10,000 and land P12,000. 2. Long term investments include a P4,600 investment in fair value though other comprehensive income securitiesthat is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be helduntil their December 31, 2029 maturity date. 3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costingP29,600. 4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, andtreasury shares that costs P1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bondretirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated. 6. Current liabilities include accounts payable P19,400, bonds payable…The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1, 2023) P10,000 and land P12,000. 2. Long term investments include a P4,600 investment in fair value though other comprehensive income securities that is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be held until their December 31, 2029 maturity date. 3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costing P29,600. 4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, and treasury shares that costs P1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bond retirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated. 6. Current liabilities include accounts payable P19,400, bonds…Rogers Corporation carries an account in its general ledger called Investments, which contained the following debits for investment purchases and no credits. Feb. 1, 2020 Jordy Company common stock, $100 par, 200 shares $ 37,400 April 1 U.S. government bonds, 5%, due April 1, 2030, interest payable April 1 and October 1, 100 bonds at $1,000 each 100,000 July 1 Driver Company 6% bonds, par $50,000, dated March 1, 2016, purchased at par plus accrued interest, interest payable annually on March 1, due March 1, 2040 51,000 Instructions a. Prepare entries necessary to classify the amounts into proper accounts, assuming that all the bonds are classified as available-for-sale. b. Prepare the entry to record the accrued interest on December 31, 2020. c. The fair values of the securities on December 31, 2020, were: Jordy Company common stock $ 33,800 (1% of total shares) U.S. government bonds 124,700 Driver Company bonds 58,600 What entry or entries, if any,…