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SFP ACT 2021 Answer Sheet

This document is a statement of financial position for CIRI COMPANY as of December 31, 2019. It lists the company's assets, liabilities, and shareholders' equity. Some accounts appear to be misstated and will need reclassification or adjustment. The assistant is asked to prepare journal entries for any necessary reclassifications or adjustments, provide notes to explain each line item, and present a classified condensed statement of financial position.

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163 views

SFP ACT 2021 Answer Sheet

This document is a statement of financial position for CIRI COMPANY as of December 31, 2019. It lists the company's assets, liabilities, and shareholders' equity. Some accounts appear to be misstated and will need reclassification or adjustment. The assistant is asked to prepare journal entries for any necessary reclassifications or adjustments, provide notes to explain each line item, and present a classified condensed statement of financial position.

Uploaded by

more
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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NAME Karluz Mhore D.

Trugo 1
DATE 3/8/2021 SECTION 2A Statement of Financial Position
2
CIRI COMPANY's summary of account balances ASSETS
on December 31, 2019. Current Assets
Cash 2,850,000 CASH & CASH EQUIVALENTS P 1,402,000 3
Financial Asset at Fair Value 690,000 FAFV 4
Call Option 10,000 TAR 654,000 5
Trade Accounts Receivable 1,000,000 INV 1,092,000 6
Prepaid Expenses 130,000 PREPAID EXPENSES 7
Inventory 880,000 Total Current Assets 8
Deferred Tax Asset 120,000 Noncurrent Assets
Land 1,200,000 PROPERTY, PLANT & EQUIPMENT 2,850,000 9
Right of Use Asset 630,000 LTI 2,036,000 10
Investment in Associate 425,000 ROUA ### 11
Goodwill 240,000 INTANGIBLE ASSETS ### 12
Trademark 160,000 DTA 13
Machinery and Equipment 2,100,000 Total Noncurrent Assets 14
Accumulated Depreciation 400,000 Total Assets 9,510,000 15

Premium on Bonds Payable 200,000 LIABILITITES AND SHAREHOLDERS' EQUITY


Accounts Payable 830,000 Current Liabilities
Accrued Expenses 175,000 TAP 1,442,000 16
Estimated Warranty Liability 125,000 CURRENT PROVISIONS ### 17
Cash Dividends Payable 240,000 NP JUL2020 18
Income Tax Payable 215,000 LL CP ### 19
Lease Liability 606,400 ITP 20
Prepaid Accrued Benefit Cost 90,000 Total Current Liabilities 21
Note Payable due July 1, 2020 560,000 Noncurrent Liabilities
Bonds Payable 2,400,000 LEASE LIABILITY - noncurrent portion 2,580,000 22
8% Redeemable Preference Share 250,000 BP ### 23
Share Capital 3,200,000 ABC ### 24
Retained Earnings 903,600 8% RPS 250,000 25
R.E appropriated for contingencies 240,000 Total Noncurrent Liabilities 26
Total Liabilities 27
REQUIREMENTS: Shareholders' Equity
1 Prepare entries to properly reclassify, adjust or correct SHARE CAPITAL 2,770,000 28
mistated accounts needed to present the financial position RESERVES 573,000 29
of CIRI COMPANY RETAINED EARNINGS 285,600 30
2 Prepare necessary notes for each line item presented in the Total 31
Statement of Financial Position. Less: TREASURY SHARES 32
3 Prepare a classified and condensed Statement of Total Shareholders' Equity 33
Financial Position as at year ended December 31, 2019. Total Liabilities and Shareholders' Equity 34

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