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    The total current assets as of December 31, 2016 for Samuel Company are $4,340,000. The total noncurrent assets are $3,570,000. The total current liabilities as of December 31, 2016 for Chronicles Company are $2,230,000. The total noncurrent liabilities are $2,500,000. The total shareholders' equity as of December 31, 2016 for Ezra Company is $27,520,000.

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    The total current assets as of December 31, 2016 for Samuel Company are $4,340,000. The total noncurrent assets are $3,570,000. The total current liabilities as of December 31, 2016 for Chronicles Company are $2,230,000. The total noncurrent liabilities are $2,500,000. The total shareholders' equity as of December 31, 2016 for Ezra Company is $27,520,000.

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    405 views3 pages

    Asdasd

    Uploaded by

    Mark Domingo Mendoza
    The total current assets as of December 31, 2016 for Samuel Company are $4,340,000. The total noncurrent assets are $3,570,000. The total current liabilities as of December 31, 2016 for Chronicles Company are $2,230,000. The total noncurrent liabilities are $2,500,000. The total shareholders' equity as of December 31, 2016 for Ezra Company is $27,520,000.

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    of 3

    Samuel Company’s trial balance reflected the following account balances on December 31, 2016:

    Cash 400,000
    Trade receivables 1,500,000
    Inventory, including inventory expected in the ordinary course of operations to 1,200,000
    be sold beyond 12 months amounting to P 800,000
    Prepaid Insurance 240,000
    Financial assets at fair value through profit or loss 300,000
    Financial assets at fair value through other comprehensive income 600,000
    Financial assets at amortized cost 1,000,000
    Deferred tax asset 150,000
    Bank overdraft 250,000
    Machinery 800,000
    Accumulated depreciation 200,000
    Noncurrent assets held for sale building 650,000
    Land used as a plant site 920,000

    1. How much is the total current assets as of December 31, 2016? _________________
    2. How much is the total noncurrent assets as of December 31, 2016? _________________
    Chronicles Company’s trial balance reflected the following account balances on December 31, 2016:

    Cash, net of bank overdraft of P 300,000 and unreleased check of P 100,000 and P 1,000,000
    including customer’s post-dated check of P 50,000 and sinking fund amounting to
    P 280,000
    Accounts payable, net of debit balance in suppliers accounts amounting to P 1,000,000
    25,000
    Bonds payable 3,400,000
    Premium on bonds payable 200,000
    Deferred tax liability 400,000
    Property dividends payable 400,000
    Income tax payable 300,000
    Note payable, due January 31, 2017 500,000
    Contingent liability 150,000
    Share dividend payable 320,000
    Cash dividends payable 80,000
    Financial liabilities at fair value through profit or loss 130,000
    Reserve for contingencies 430,000
    Estimated expenses of meeting warranties 335,000
    Estimated damages as a result of unsatisfactory performance on a contract 268,000
    Mortgage payable 1,000,000
    Loan payable (payable in five equal annual installments) 500,000

    1. How much is the total current liabilities as of December 31, 2016? __________________
    2. How much is the total noncurrent liabilities as of December 31, 2016? __________________
    Ezra Company’s trial balance reflected the following account balances on December 31, 2016:

    Ordinary share capital P 10,000,000


    Share premium 1,000,000
    Subscribed ordinary share 100,000
    Subscriptions receivable 120,000
    Treasury shares, at cost 2,000,000
    Unrealized gain on fair value through other comprehensive income securities 1,000,000
    Retained earning unappropriated 6,000,000
    Reserve for contingencies 3,000,000
    Revaluation surplus 4,000,000
    Cumulative translation adjustment - debit 1,500,000

    How much is the total shareholders’ equity as of December 31, 2016? ________________

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