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The results of a discontinued operation net of tax

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31.The results of a discontinued operation, net of tax shall be presentedA.as a single amount on the face of the income statement with no details disclosed in the notes.B.as a single amount on the face of the income statement with appropriate disclosure of thedetails in the notes.C.side by side with continuing operations with details for revenues and expenses attributable tothe discontinued operation shown on the face of the income statementD.in the notes only
32.The analysis of the statement of financial position is useful in assessing the liquidity, which is theability to
33.Which of the following is not required to be presented as minimum information on the face of thefinancial position?
34.What is the usual presentation of the balance sheet in the Philippines?
PROBLEMS35.Fita Company provided the following information on December 31, 2020:CashP 300,000Deferred tax asset150,000Bank overdraft250,000Inventory1,000,000Accounts receivable1,200,000Prepaid rent100,000Financial assets at FV through P/L200,000Financial assets at FV through OCI800,000What amount should be reported as current assets on December 31, 2020?36.Rubiscos Corp. provided the following data on December 31, 2020:Cash (including cash set aside for bond retirement in 2024, P1,000,000)5,000,000Financial assets at fair value (including long-term investment of P500,000 inordinary shares of Caramel Corp.)2,000,000Inventories (including goods received on consignment of P200,000)800,000Prepaid expenses (excluding P50,000 long-term security deposit)100,000PPE10,000,000Goodwill1,000,000Total assets18,900,000

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Term
Spring
Professor
NoProfessor
Tags
Balance Sheet, Generally Accepted Accounting Principles

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