The following accounts appear on the adjusted trial balance of Hanofi Company on December 31, 2019:...
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The following accounts appear on the adjusted trial balance of Hanofi Company on December 31, 2019: Petty cash fund Payroll fund Sinking fund cash 10,000 100,000 500,000 Sinking fund securities 1,000,000 Investment in bonds 3,000,000 Accrued interest receivable- trading securities 50,000 Plant expansion fund 700,000 Cash surrender value of life insurance 80,000 Investment property-land 2,000,000 Advances to subsidiary Interest in joint venture 200,000 800,000 Trading securities -ALI Financial Assets -FVOCI 40,000 130,000 a) Determine how much should be included in cash and cash equivalent. b) Determine how much should be included in current assets - investments. c) Determine how much should be included as non-current investments. d) If not part of the above classifications, determine the treatment of the accounts in the financial statements. Example - Interest Receivables- P20,000 - Receivables under current asset. The following accounts appear on the adjusted trial balance of Hanofi Company on December 31, 2019: Petty cash fund Payroll fund Sinking fund cash 10,000 100,000 500,000 Sinking fund securities 1,000,000 Investment in bonds 3,000,000 Accrued interest receivable- trading securities 50,000 Plant expansion fund 700,000 Cash surrender value of life insurance 80,000 Investment property-land 2,000,000 Advances to subsidiary Interest in joint venture 200,000 800,000 Trading securities -ALI Financial Assets -FVOCI 40,000 130,000 a) Determine how much should be included in cash and cash equivalent. b) Determine how much should be included in current assets - investments. c) Determine how much should be included as non-current investments. d) If not part of the above classifications, determine the treatment of the accounts in the financial statements. Example - Interest Receivables- P20,000 - Receivables under current asset.
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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