NATIONAL CO.: INCOME STATEMENTS FOR YEAR ENDING DECEMBER 31 (MILLIONS OF PHP) 2022 P3,600.0 P3,000.0 3.060.0 2.550.0 P 540.0 _90.0 P 450.0 65.0 P 385.0 154.0 P 231.0 P 181.5 2021 Sales Operating costs (excluding depreciation and amortization) É BITDA Depreciation and amortization E arnings before interest and taxes P 450.0 75.0 P 375.0 Interest E arnings before taxes Taxes (40%) Net income available to common stockholders 60.0 P 315.0 126.0 P 189.0 P 13.2 Common dividends NATIONAL CO.: BALANCE SHEETS FOR YEAR ENDING DECEMBER 31 (MILLIONS OF PHP) 2022 2021 Assets: Cash and marketable securities P 36.0 540.0 P 30.0 450.0 Accounts receivable _540.0 P1,116.0 900.0 P2.016.0 600.0 P1,080.0 750.0 P1.830.0 Inventories Total current assets Net plant and equ ipment Total assets Liabilities and equity: Accounts payable Notes payable Accruals Total current lia bilities P 324.0 201.0 P 270.0 155.0 216.0 P 741.0 450.0 P1,191.0 150.0 180.0 P 605.0 450.0 P1,055.0 150.0 Long-term bonds Total debt Common stock (50 million shares) Retained earnings Total com mon equity Total liabilties and equity 675.0 P 825.0 P2.016.0 625.0 P 775.0 P1.830.0

NATIONAL CO.: INCOME STATEMENTS FOR YEAR ENDING DECEMBER 31 (MILLIONS OF PHP) 2022 P3,600.0 P3,000.0 3.060.0 2.550.0 P 540.0 _90.0 P 450.0 65.0 P 385.0 154.0 P 231.0 P 181.5 2021 Sales Operating costs (excluding depreciation and amortization) É BITDA Depreciation and amortization E arnings before interest and taxes P 450.0 75.0 P 375.0 Interest E arnings before taxes Taxes (40%) Net income available to common stockholders 60.0 P 315.0 126.0 P 189.0 P 13.2 Common dividends NATIONAL CO.: BALANCE SHEETS FOR YEAR ENDING DECEMBER 31 (MILLIONS OF PHP) 2022 2021 Assets: Cash and marketable securities P 36.0 540.0 P 30.0 450.0 Accounts receivable _540.0 P1,116.0 900.0 P2.016.0 600.0 P1,080.0 750.0 P1.830.0 Inventories Total current assets Net plant and equ ipment Total assets Liabilities and equity: Accounts payable Notes payable Accruals Total current lia bilities P 324.0 201.0 P 270.0 155.0 216.0 P 741.0 450.0 P1,191.0 150.0 180.0 P 605.0 450.0 P1,055.0 150.0 Long-term bonds Total debt Common stock (50 million shares) Retained earnings Total com mon equity Total liabilties and equity 675.0 P 825.0 P2.016.0 625.0 P 775.0 P1.830.0

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.2MBA

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The following is a statement of earned surplus prepared by the company for 2021: Balance, 1/1669.1 Additions: orldwisecriou Change in estimate of 2021 bo amortization expense Gain on sale of land Interest income Profit for 2021 Total N Abse Deductions: Increased depreciation due to change in estimated life played at tan Dividends declared and paid tga ol Loss on sale of equipment Loss from major casualtyd betet Balance, 12/31 P 2,800 18,350 4,500 13,680 a. P7,260 loss b. P5,060 loss C. P4,940 profit d. P2,740 profit P 85,949 P 5,000 10,000 3,860 27,730 39,330 125,279 46,590 P 78,689 The adjusted profit or loss that should be reported in the company's income statement for the year ended Dec. 31, 2021 is 2995100225 16 31010-2012
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