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Talisay Corporation presented the following balance sheet for...
Talisay Corporation presented the following balance sheet for December 31, 2011:
Assets
Current Assets
P 30,000
Treasury shares (at market, cost is P15,000)
14,000
Depreciable Fixed Assets
56,000
Total assets
P 100,000
Liabilities and Shareholders' Equity
Current liabilities
P 20,000
Ordinary shares subscribed (500 shares)
10,000
Long -term debt
8,000
Total Liabilities
P 38,000
Ordinary shares (4,000 shares issued)
P 18,000
10% Preference shares (1,000 shares issued)
12,000
Subscription receivable
( 4,000)
Reserve for depreciation
16,000
Accumulated profit
20,000
Total shareholders' equity
62,000
Total liabilities and shareholders' equity
P 100,000
Your investigation of Talisay Corporation's financial records indicates that all authorized shares have been
either issued or subscribed.
The par values for the ordinary and preference shares are P2 and P10, respectively
. The treasury shares were
originally purchased when the market price was P20 per share.
During 2011, 250 treasury shares were resold for P25 per share. A gain on treasury share transactions' was
credited for the difference between the original cost and
the selling price. Furthermore, the excess cost over
the market of the treasury shares at the end of the period was recognized as an unrealized loss on the 2008 income statement.
You also discovered that a majority stockholder donated during 2011, a land
which originally costed the
stockholder P5,000 but with a market value of P9,000 during the date of donation.
Subscription receivables are due six months from December 31, 2011.
Instruction: Revise the December 31, 2011, balance sheet for Talisay Corporation as it should be presented according to generally accepted
accounting principles.
Accounting
Business
Financial Accounting
Answer & Explanation
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CBA Accm233
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Statement of Financial Position
Talisay Corporation
As of December 31, 2011
ASSETS
Current Assets
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29,875.00
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Depreciable Fixed Assets
56,000.00
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9,000.00
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94,875.00
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
20,000.00
Long -term debt
8,000.00
Total Liabilities
28,000.00
Equity
Share Capital
Ordinary shares (4,000 shares issued)
18,000.00
10% Preference shares (1,000 shares issued)
12,000.00
Ordinary shares subscribed (500 shares)
10,000.00
Subscription receivable
-
4,000.00
Treasury shares (at market, cost is P15,000)
6,000.00
-15,000.00
Share Premium-Treasury Shares
21,000.00
125.00
Reserve for depreciation
16,000.00
Accumulated profit
20,875.00
Donated Capital
9,000.00
46,000.00
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
95,000.00
Accumulated profit
20,000
LESS:TREASURY SHARES -GAIN(25-20)X250ts
125
ADD:UNREALIZED LOSS(14000-15000)
1000
adjusted accumulatee profit
20,875
Step-by-step explanation
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섘
Statement of Financial
Position Talisay Corporation
As of December... Show more
Image transcription text
섘
Accumulated profit 20,000
LESS:TREASURY SHARES
-GAIN(25-20)X... Show more
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