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Required: Fill in The Blanks. (Numbers 1-15) Problem Solving (5 Pts Each)

1) The financial position statements compare TNC Company's assets, liabilities, and equity for 2014 and 2013. Total assets increased 31.77% from ₱576,000 in 2013 to ₱759,000 in 2014. 2) Current assets increased 11.96% from ₱276,000 in 2013 to ₱309,000 in 2014. Property, plant, and equipment increased 50% from ₱300,000 to ₱450,000. 3) Total liabilities increased 5.63% from ₱355,000 to ₱375,000. Owner's equity increased 62.43% from ₱221,000 to

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226 views1 page

Required: Fill in The Blanks. (Numbers 1-15) Problem Solving (5 Pts Each)

1) The financial position statements compare TNC Company's assets, liabilities, and equity for 2014 and 2013. Total assets increased 31.77% from ₱576,000 in 2013 to ₱759,000 in 2014. 2) Current assets increased 11.96% from ₱276,000 in 2013 to ₱309,000 in 2014. Property, plant, and equipment increased 50% from ₱300,000 to ₱450,000. 3) Total liabilities increased 5.63% from ₱355,000 to ₱375,000. Owner's equity increased 62.43% from ₱221,000 to

Uploaded by

Dan David FLores
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 DOCX, PDF, TXT or read online on Scribd
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Name of Student:_______________________________________ Year and Section:_______________

TNC Company
Compparative Statements of Financial Position
Vertical Horizontal Horizontal
Assets 2014 Analysis for 2013 Analysis for Analysis from
2014 2013 2013 to 2014

Cash ₱ 125,000.00 1) ₱ 112,000.00 19.44% 11.61%


Marketable Securities ₱ 45,000.00 5.93% 2) 6.94% 12.50%
Accounts Receivable 3) 11.20% 4) 13.37% 10.39%
Merchandise Inventory ₱ 50,000.00 6.59% ₱ 45,000.00 7.81% 11.11%
Prepaid Expenses ₱ 4,000.00 5) ₱ 2,000.00 0.35% 6)
Total Current Asset ₱ 309,000.00 40.71% ₱ 276,000.00 47.92% 11.96%

Property, Plant, and Equipment (net) ₱ 450,000.00 59.29% ₱ 300,000.00 52.08% 50.00%
Total Assets ₱ 759,000.00 100.00% ₱ 576,000.00 100.00% 31.77%

Liabilities and Owner's Equity

Accounts payable ₱ 30,000.00 3.95% ₱ 18,500.00 3.21% 7)


Salaries Payable ₱ 20,000.00 2.64% ₱ 14,000.00 8) 42.86%
Utilities Payable ₱ 10,000.00 9) ₱ 8,000.00 1.39% 25.00%
Taxes Payable 10) 1.98% ₱ 15,000.00 2.60% 0.00%
Total Current Liabilities ₱ 75,000.00 11) ₱ 55,000.00 9.55% 36.36%

Notes Payable (due 2016) ₱ 300,000.00 39.53% 12) 52.08% 0.00%


Total Liabilities ₱ 375,000.00 49.41% ₱ 355,000.00 13) 5.63%

Owner, Capital ₱ 384,000.00 50.59% ₱ 221,000.00 38.37% 14)


Total Liabilities and Owner's Equity ₱ 759,000.00 100.00% ₱ 576,000.00 15) 31.77%

Required: Fill in the blanks. (Numbers 1-15)

Problem Solving (5 pts each)


1. Kuku Company has an average collection period of 35 days and reported sales of P3,400,000
for the year ended 2014. How much is the company’s average accounts receivable for the
year?
2. Dendi Company has a current assets of P1,500,000 with a current ratio of 1.2 and a quick
ratio of 0.9. How much is Dendi’s inventory?
3. The following ratios were computed for Tourist company for the year 2014:
Asset turnover, 1.60 times
Return on assets, 5%
Compute for Tourist’ profit margin
4. Skateboard Company reported sales amounted to P5,000,000. During the year, average
total assets were P3,000,000 with average receivables of P500,000. 30% of the sales were
made on cash basis with the rest being made on credit. Compute the average collection
period.
5. Sales of Jet Company amounted to P2,000,000. Cost of sales was 60% of sales. Average
inventory levels during the year was P400,000. Compute the average inventory period.
6. Purchases during the period was P2,700,000. Average accounts payable amounted to
P150,000. Compute the average payment period.
7. Armel Company has an average collection period of 40 days and reported sales of
P3,400,000 for the year ended 2014. How much is the company’s average accounts
receivable for the year?

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