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INTAC3-QUIZ.docx - DR. FILEMON C AGUILAR MEMORIAL COLLEGE...

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DR. FILEMON C AGUILAR MEMORIAL COLLEGE OF LAS PINASNAME:Date:Professor: MRS. FEVELYNERRARISSection:BSA II SEC12 AND 13Score:INTERMEDIATE ACCOUNTING 31.The ledger of SC Co. as of December 31, 20x1 includes the following:AssetsCash10,000Trade accounts receivable (net of10,000 credit balance in accounts)40,000Held for trading securities80,000Financial assets designated at FVPL30,000Investment in equity securities at FVOCI70,000Investment in bonds measured at amortized cost (due in 3 years)60,000Prepaid assets10,000Deferred tax asset (expected to reverse in 20x2)12,000Investment in Associate36,000Investment property46,000Sinking fund38,000Property, plant, and equipment100,000Goodwill28,000Totals560,000How much is the total current assets?2.The ledger of PD Co. as of December 31, 20x1 includes the following:LiabilitiesBank overdraft10,000Trade accounts payable (net of10,000 debit balance in accounts)40,000Notes payable (due in 20 semi-annual payments of4,000)80,000Interest payable30,000Bonds payable (due on March 31, 20x2)70,000Discount on bonds payable(30,000)Dividends payable10,000Share dividends payable12,000Deferred tax liability (expected to reverse in 20x2)36,000Income tax payable44,000Contingent liability100,000Reserve for contingencies28,000Totals430,000How much is the total current liabilities?3.The ledger of CI Co. in 20x1 includes the following:Share capital200,000Share premium40,000

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