Presented below is the balance sheet of ABC Company as of December 31, 2015: Liabilities & Equity Income Tax payable Php
Posted: Sat Mar 19, 2022 5:43 pm
- Presented Below Is The Balance Sheet Of Abc Company As Of December 31 2015 Liabilities Equity Income Tax Payable Php 1 (267.86 KiB) Viewed 145 times
2016
A. P28,800
B. P28,160
C. P25,600
D. P22,400
2) Cash balance as of September 30,
2016:
A. P142,280
B. P75,866
C. P60,800
D. P110,992
3) Budgeted accounts receivable (net) as of
December 31, 2016
A. P61,440
B. P55,296
C. P54,067
D. P62,464
Presented below is the balance sheet of ABC Company as of December 31, 2015: Liabilities & Equity Income Tax payable Php 4,800 Assets Cash Php 30, 400 Accounts receivable 48,000 Inventory 17,600 PPE 232,000 Total Assets Php 328,000 Ordinary Shares Retained Earnings Total LGE 256,000 67,200 Php 328,000 The manager instructs you to update the balances based on the budget below: 1st Quarter Sales Php112,000 Production Costs 76,800 Operating expenses 25,600 2nd Quarter Php128,000 80,000 27,200 3rd Quarter Php144,000 89,600 28,800 4th Quarter Php140, 800 80,000 30,400 • Annual depreciation (included in the amounts above): -Production costs: Php 70,400 -Operating expenses: Php19,200 • Inventory balances are expected to be: Mar 31: Php56,000; Jun 30: Php52,000; Sep 30: Php60,000 Dec 31: Php48,000 • All production costs and operating expenses, except depreciation, are to be paid during the quarter incurred. • Sales are made either through cash or credit. The Company expects quarterly sales to be made 20% in cash and 80% in credit. As to the credit sales, the same are collected 50% in the quarter of sales and 48% in the quarter after the sale. The rest are budgeted to be uncollectible and recognized as bad debts in the quarter incurred. There is no allowance for bad debts as of December 31, 2015. • Dividends are paid at the end of June and December. The amount of dividends is 10% of the cash balance available at the end of the 1st quarter for June dividends and the 3rd quarter for December dividends. • Income tax is equal to 30% of the quarter's income and is paid in the following quarter.