What is the liability amount on December 31, 2018 of Company B? A December 31, 2017 Assets Liabilities 4.500,000 3,000,000 7.000,000 5,000,000 8,000,000 3 800,000 8,250,000 6,150,000 December 31, 2018 Assets Liabilities 4,900 000 2.600 000 9,000,000 12.500,000 6,400,000 7,200,000 During 2018 Owner's Equity Additional investments Drawings 600,000 450,000 1000,000 200,000 3,810,000 1,800,000 Income Statement Revenues 8.600,000 5.600,000 13,750,000 13,630,000 5,900,000 3,500,000 Expenses 3,300,000
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- *see attached What amount should RIS report as a liability at December 31, 2021?a. P 0b. P 26,000c. P 38,000d. P 116,0001. What amount should be recorded as accrued liability on December 31, 2021 in relation to this event? A. 1,500,000 B. 2,500,000 C. 1,000,000 D. 0 E. None of themThe premium liability at December 31, 2021 is * A.22,500. B.45,000. C.84,375 D.39,375.
- The following information pertains to Cherry City’s liability for claims and judgments:Current liability at January 1, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000Claims paid during 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 900,000Current liability at December 31, 2018 . . . . . . . . . . . . . . . . . . . .. . . . . 240,000Noncurrent liability at December 31, 2018 . . . . . . . . . . . . . . . .. . . . . 200,000What amount should Cherry report for 2018 claims and judgment expenditures?a. $1,140,000b. $940,000c. $840,000d. $900,000Honest Corporation carried a provision of P1,500,000 in the draft financial statements for the year ended December 31, 2021 in relation to a labor case. The case was settled for P2,500,000 on February 28, 2022, a week before the financial statements for the year ended December 31, 2021 were authorized for issue. What amount should be recorded as accrued liability on December 31, 2021 in relation to this event? A. 1,500,000 B. 2,500,000 C. 1,000,000 D. 0 E. None of themAn entity had the following liabilities on December 31, 2020: Accounts Payable 55,000 Unsecured notes, 8% due 7/1/2021 400,000 Accrued expenses 35,000 Contingent liability 450,000 Deferred tax liability 25,000 Senior bonds, 7%, due 3/31/2021 1,000,000 The contingent liability is an accrual for possible loss on a P1,000,000 lawsuit filed against the entity. The legal counsel expects the suit to be settled in 2021 and has estimated that the entity will be liable for damages in the range of P450,000 to P750,000. The deferred tax liability is expected to reverse in 2021. What amount should be reported on December 31, 2020 for current liabilities? None of theseNone of these 940,000940,000 1,490,0001,490,000 1,515,0001,515,000…
- What is the effect of the errors to the Retained Earnings at the beginning of 2019? * 400,000 410,000 415,000 420,000What amount of interest revenue should be recorded in 2021? *a. 490,000b. 480,000c. 438,000d. 391,800Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?
- Under IFRS 15, what is the net income/(loss) to be reported by the company for the years ended December 31, 2017 and 2018? A. 30M and (15M) B. 50M and (10M) C. 60M and (15M) D. 40M and (15M)3. Determine the implication of the following independent cases to the December 31, 2020financial statements as per PAS 37, on Provisions, Contingent Liabilities, and ContingentAssets.Case 1On December 5, 2020, an employee filed a P3,000,000 lawsuit against Lance Company fordamages suffered when one of the company’s equipment malfunctioned in August, 2020.In your inquiry of the company’s legal counsel, the legal counsel expects the company willlose the lawsuit and estimates the losses to be between P500,000 and P1,500,000. Theemployee has offered to settle the lawsuit out of court for P1,200,000, but Lance Companywill not agree to the settlement.Case 2Lance Company has guaranteed a loan of P2,000,000 of one of its key officers from a bankin 2020. By the time the financial statements of Lance Company were approved forissuance by its BOD, it is clear that the key officer is in financial difficulties and it is probablethat Lance Company will meet the guarantee.Case 3On December 20, 2020,…Multiple Company had the following liabilities on December 31, 2021:Accounts payable after deducting debit P 500,000balances in supplier’s accounts of P100,000 Accrued liabilities 150,000Note payable – due March 31, 2022 1,000,000Note payable – due May 1, 2022 800,000Bonds payable – due December 31, 2023 2,000,000On March 1, 2022 before the 2021 financial statements were issued, the note payable of P1,000,000 was replaced by an 18-month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022. 1. Compute the total non-current liabilities as of December 31, 2021 2. Compute the total current liabilities as of December 31, 2021