The results of a discontinued operation net of tax

31. The results of a discontinued operation, net of tax shall be presented
A. 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 the
details in the notes.
C. side by side with continuing operations with details for revenues and expenses attributable to
the discontinued operation shown on the face of the income statement
D. in the notes only
32. The analysis of the statement of financial position is useful in assessing the liquidity, which is the
ability to
33. Which of the following is not required to be presented as minimum information on the face of the
financial position?
34. What is the usual presentation of the balance sheet in the Philippines?

PROBLEMS
35. Fita Company provided the following information on December 31, 2020:
Cash P 300,000
Deferred tax asset 150,000
Bank overdraft 250,000
Inventory 1,000,000
Accounts receivable 1,200,000
Prepaid rent 100,000
Financial assets at FV through P/L 200,000
Financial assets at FV through OCI 800,000
What 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) 5,000,000
Financial assets at fair value (including long-term investment of P500,000 in
ordinary shares of Caramel Corp.) 2,000,000
Inventories (including goods received on consignment of P200,000) 800,000
Prepaid expenses (excluding P50,000 long-term security deposit) 100,000
PPE 10,000,000
Goodwill 1,000,000
Total assets 18,900,000