On December 31, 2015,the bookkeeper of Trinity Company provided the following information:
Accounts payable - trade 4,000,000
Accounts receivable - trade 3,100,000
Bank loan, short-term borrowings 1,500,000
Processing formulas 300,000
Land held for speculation 2,500,000
Land 5,000,000
Change fund 30,000
Treasury shares 900,000
Prepaid advertising 80,000
Unused office supplies 20,000
Notes payable - trade 2,500,000
Notes receivable 1,000,000
Copyright 300,000
Tools 100,000
Building 8,000,000
Machinery   5,000,000
Office furniture 1,800,000
Computer software 500,000
Bonds payable 5,000,000
Time deposit, due December 31, 2020 5,000,000
Premium on bonds payable 500,000
Cash in PNB # 001 2,300,000
Cash in PNB #002 ( 150,000)
Ordinary share, par P10 6,000,000
Accumulated depreciation, building 2,000,000
Accumulated depreciation, machinery 1,500,000
Accumulated depreciation, office furniture 800,000
Share premium - ordinary 500,000
Share premium - preference 400,000
Preference shares, par P100 4,000,000
Allowance for doubtful accounts 300,000
Cash dividends payable 350,000
Raw materials 500,000
Appropriation for treasury shares 900,000
Appropriation for plant expansion 1,000,000
Accrued expenses 250,000
Goods in process 600,000
Accrued interest on notes receivable 50,000
Cash on hand for deposit 700,000
Investment in associate 1,000,000
Mortgage payable in semi-annual installments of P500,000
Stock dividends payable 500,000
Retained earnings 2,680,000
SSS payable 200,000
Withholding tax payable 150,000
Finished goods 1,000,000

Required:

Prepare the Statement of financial Position of Trinity Company as of December 31, 2015 with supporting schedule

Answer rating: 100% (QA)

ASSETS AMOUNT NONCURRENT ASSETS Land held for speculation 2500000 Land 5000000 Building 8000000 Less ... View the full answer