AA company provided the following information on dec 31, 2016:

cash 800 1,600,000

accounts receivable 750 1,500,000
allowance for doubtful accounts 50 100,000
prepaid expenses 160 320,000
inventory 1000 2,000,000
financial assets at fair value 690 1,380,000
land 500 1,000,000
building in process 5000 10,000,000
patent 200 400,000
machinery and equipment 1500 3,000,000
accumulated depreciation 300 600,000
discount on bonds payable 200 400,000
accounts payable 900 1,800,000
accrued expenses 150 300,000
note payable due july 1, 2018 250 500,000
bonds payable 2000 4,000,000
share capital 3000 6,000,000
retained earnings 4000 8,000,000
retained earnings appropriated for contingencies 150 300,000

*the financial assets at fair value include AA Company shares acquired at cost of P500,000
*the bonds pay 10% interest semiannually on april 1 and october 1 and mature on april 1 2019. no
interest has been accrued on the bonds.
*forty thousand shares, P100 par, are authorized, of which 60,000 shares are issued including 4,000
shares in the treasury
*the retained earnings appropriated balance of P300,000 was created in anticipation for the result of
pending lawsuit.
shortly after the end of reporting period, the suit was amicably settled and the entity paid P200,000.

REQUIRED: STATEMENT OF FINANCIAL POSITION

BB company provided the following information for the current year:

DECEMBER
JANUARY 1 31
current assets 240 480000 ?
PPE 1600 3200000 1700 3400000
Current liabilities ? 130 260000
Noncurrent liabilities 580 1160000 ?

working capital of P184,000 remained unchanged from beginning to the end of the current year. Net
income for the current year was P128,000. no dividends were declared during the current year and there
were no other changes in owners equity.

required: what is the amount of noncurrent liabilities on december 31?

CC company prepared the following condensed statement of financial position on dec 31, 2016.

current assets 4000 16000

current liabilities 1500 6000
working capital 2500 10000
add other assets 1800 7200
working capital plus other assets 4300 17200
deduct other liabilities 100 400
net assets 4200 16800

money market replacement-three months 500 2000

cash in bank 700 2800
accounts receivable 800 3200
notes receivable 200 800
financial assets at fair value 400 1600
inventory 1300 5200
goodwill 100 400
total current assets 4,000 16000

the inventory account was found to include the cost of office supplies of P200 and office equipment acquired at
the end of 2016 at a cost of P1,000. other assets included land and building acquired on January 1, 2015 for
P16,000, less mortgage of P8,000 and accrued interest on the mortgage of 800. at the time of purchase, the land
was worth P4,000. the building on december 31, 2016 has a remaining life of 18 years.

current liabilities represented balances that were payable to trade creditors. Other liabilities consisted of
withholding tax payable. However, no recognition to accrued salaries of P1000.

the entity was originally organized in 2015 when 120,000 ordinary shares with par value of P100 were issued in
exchange for assets with fair value of P12,800.

REQUIRED: STATEMENT OF FINANCIAL POSITION

DD company carried a provision of P1000,000 in the draft financial statements for the year ended December 31, 2016 in
relation to an unresolved court case.

On January 31, 2017, when the financial statements for the year ended December 31, 2016 had not yet been authorized
for issue, the case was settled and the court decided the final total damages to be paid by the entity at
P1,500,000.

REQUIRED: what should be the adjusted on December 31, 2016 in relation to this event.

EE company reported the following adjusted account balances at year end:

share capital 15,000

share premium 5,000
treasury shares, at cost 2,000
actuarial loss on defined benefit plan 1,000
retained earnings unappropriated 6,000
retained earnings appropriated 3,000
revaluation surplus 4,000
cumulative translation adjustment - credit 1,500

REQUIRED: SHE at year end

on december 31, 2016, FF company showed the following current assets:

Cash 500,000
accounts receivable 3,500,000
inventory 2,000,000
deferred tax asset 400,000
prepaid expenses 100,000
total current assets 6,500,000

Cash on hand including customer postdated check

of P20,000 and employess IOU of P10,000 130,000
cash in bank per bank statement,
outstanding checks on December 31, 2016 P70,000 370,000
total
cash 500,000

customers' debit balances, net of

customers
deposit of P50,000 1,900,000
allowance for doubtful
accounts -150,000
sales price of goods invoiced to customers at 150%
of cost on december 29, 2016 but delivered on
January 5, 2017 and excluded from reported inventory 750,000
subscription receivable, collectible currently 1,000,000
total accounts receivable 3,500,000

REQUIRED: CURRENT ASSETS DECEMBER 31, 2016.

the adjusted trial balance of GG company included the following accounts on December 31, 2016:

Sales 9,750,000
share of profit associate 150,000
other income 300,000
decrease in inventory of finished goods 250,000
raw materials and consumables used 3,500,000
employees benefit expense 1,500,000
translation gain on foreign operation 300,000
depreciation 450,000
impairment loss on property 800,000
 finance cost 350,000
other expenses 450,000
income tax expense 900,000
unrealized gain on option contract designated as cash
flow hedge 200,000

REQUIRED: COMPREHENSIVE INCOME

On September 30, 2016, when the carrying amount of a major subsidiary was P60,000,000, HH company signed a legally
binding contract to sell the subsidiary. The sale is expected to be completed by January 31, 2017 at a selling
price of P62,000,000. In addition, prior to January 31, 2017, the sale contact obliged the entity to terminate the
employment of certain employees of the business segment incurring an expected termination cost of
P4,000,000 to be paid on June 30, 2017.

The segments revenue and expenses for 2016 were P40,000,000 and 52,000,000 respectively. The income tax rate is
30%.

REQUIRED: LOSS FROM DISCONTINUED OPERATION 2016

II company provided the following account balances on december 31, 2016:

accounts receivable 400 8,000

advances to officecs-not currently collectible 100 2,000
sinking fund 400 8,000
building 5000 100,000
long term refundable deposit 50 1,000
CASH AND cash equivalents 500 10,000
cash surrender value 60 1,200
equipment 1000 20,000
lease rights 100 2,000
accrued interest on notes receivable 10 200
inventories 1300 26,000
land 1500 30,000
land held for speculation 500 10,000
notes receivable 250 5,000
computer software 3250 65,000
prepaid expenses 70 1,400
financial assets held for trading 280 5,600
unearned rent income 40 800
retained earnings (deficit) -1800 (36,000)
share premium - preference 500 10,000
premium on bonds payable 1000 20,000
preference share capital 2000 40,000
share premium - ordinary 200 4,000
notes payable 300 6,000
sss payable 10 200
accounts payable 400 8,000
accrued salaries 100 2,000
accumulated depreciation- building 2000 40,000
accumulated depreciation- equipment 200 4,000
allowance for doubtful accounts 20 400
bonds payable 5000 100,000
dividends payable 120 2,400
ordinary share capital 5000 100,000
withholding tax payable 30 600
preference share redemption fund 350 7,000

REQUIRED: STATEMENT OF FINANCIAL POSITION