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72 8:46 PMC ACO A Assignment 6 MG2 PFRS for SMEs and SEs student А B с D E G 1 2 Assignment 6: PFRS of an SME /SE 3 4 Activity 1 5 6 7 Instructions: 1. Prepare the Statement of Financial Position of JGG Company(report format) - Distingush current and non-current items 2. Identify at the bottom of your Statement of Financial Position, if the entity is a Medium Sized Entity or a Small Entity - based on the size criteria of the entity) 8 9 10 11 12 13 14 15 The Account Balances of IGG Company as at Dec. 31, 2021 are as follows: 16 17 18 19 20 21 22 23 24 25 26 Accounts Receivable Accrued Expenses Accumulated Depreciation Allowance for Doubtful Accounts Cash and Cash Equivalents Dividends declared Dividends payable Environment Provision (restoration to take place in 2025) Income tax payable Accrued interest on long-term debt (interest payable every year, end of March) Inventory Investment property at FV Profit for the year PPE, at cost Long term debt, (P 500,000 is due every, end of Jan.) Share Capital Retained Earnings, Jan.1, 2021 Trade Payables Warranty Provisions (expiring 12 months from the date of sale) 950,000.00 1,500.00 725,000.00 100,000.00 115,000.00 50,000.00 50,000.00 140,500.00 65,000.00 115,000.00 590,000.00 1,250,000.00 500,000.00 2,162,000.00 1,150,000.00 750,000.00 1,195,000.00 125,000.00 200,000.00 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 fx Enter text or formula here a
8:45 PM الله الله ) ۵ 73 € Assignment 6 MG2 PERS for SMEs and SEs students_511527541 - Saved 1 A D F G H J к L M 3 Activity 2 -Prepare the Statement of Income and Retained Earnings of JGG Co for the year ended 2021, If the Entity is classified as a Medium-Sized entity 4 5 6 7 8 1,040,000.00 724,000.00 9 10 Given: Sales Cost of goods sold Other income - Change in fair value of investment in associate Selling expenses Administrative expenses Income tax expense (30% tax rate) 11 50,000.00 80,000.00 50,000.00 12 13 14 15 Retained earnings, January 1 340,000.00 16 45,000.00 -effect of correction of prior period cost of goods sold reduction to the RE) -effect of change in accounting policy for investment in associate (addition to the RE) 17 14,000.00 18 19 2 fr Enter text or formula here <