The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows: Cash and cash equivalents P400,000 Bank overdraft 100,000 Accounts receivable 900,000 Allowance for doubtful accounts 40,000 Raw materials 560,000 Goods in process 600,000 Finished goods 1,400,000 Financial assets at fair value through other comprehensive income 2,500,000 Land, at fair market value 12/31/20 1,000,000 Building 6,000,000 Accumulated depreciation - building 1,600,000 Plant and equipment 2,400,000 Accumulated depreciation - plant and equipment 400,000 Patent 800,000 Goodwill, recognized in Jan. 2019 thru a business combination 1,400,000 Note payable, bank - due June 30, 2021 1,300,000 Note payable, bank - due June 30, 2022 2,100,000 Accounts payable 1,000,000 Employee benefit provisions 180,000 Warranty liabilities 80,000 Income tax payable 120,000 Deferred tax liability 280,000 Accumulated profits, January 1, 2020 3,600,000 Revaluation surplus on Land, January 1, 2020 360,000 Unrealized gain on financial assets, January 1, 2020 280,00 Share capital 5,000,000 Share premium 1,000,000 Sales 10,000,000 Revaluation surplus on Land during the year 140,000 Unrealized gain on financial asset during the year 100,000 Cost of sales 6,000,000 Selling expenses 1,960,000 Administrative expenses 500,000 Finance cost 100,000 Income tax expense 160,000 Note: The company declared and paid cash dividends totaling to P1,000,000 during the year. 1. What is the net income after tax to be reported in the 2020 statement of comprehensive income?
The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows: Cash and cash equivalents P400,000 Bank overdraft 100,000 Accounts receivable 900,000 Allowance for doubtful accounts 40,000 Raw materials 560,000 Goods in process 600,000 Finished goods 1,400,000 Financial assets at fair value through other comprehensive income 2,500,000 Land, at fair market value 12/31/20 1,000,000 Building 6,000,000 Accumulated depreciation - building 1,600,000 Plant and equipment 2,400,000 Accumulated depreciation - plant and equipment 400,000 Patent 800,000 Goodwill, recognized in Jan. 2019 thru a business combination 1,400,000 Note payable, bank - due June 30, 2021 1,300,000 Note payable, bank - due June 30, 2022 2,100,000 Accounts payable 1,000,000 Employee benefit provisions 180,000 Warranty liabilities 80,000 Income tax payable 120,000 Deferred tax liability 280,000 Accumulated profits, January 1, 2020 3,600,000 Revaluation surplus on Land, January 1, 2020 360,000 Unrealized gain on financial assets, January 1, 2020 280,00 Share capital 5,000,000 Share premium 1,000,000 Sales 10,000,000 Revaluation surplus on Land during the year 140,000 Unrealized gain on financial asset during the year 100,000 Cost of sales 6,000,000 Selling expenses 1,960,000 Administrative expenses 500,000 Finance cost 100,000 Income tax expense 160,000 Note: The company declared and paid cash dividends totaling to P1,000,000 during the year. 1. What is the net income after tax to be reported in the 2020 statement of comprehensive income?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows: Cash and cash equivalents P400,000
Bank overdraft 100,000 Accounts receivable 900,000 Allowance for doubtful accounts 40,000 Raw materials 560,000 Goods in process
600,000 Finished goods 1,400,000 Financial assets at fair value through other comprehensive income 2,500,000 Land, at fair market value
12/31/20 1,000,000 Building 6,000,000 Accumulated depreciation - building 1,600,000 Plant and equipment 2,400,000 Accumulated
depreciation - plant and equipment 400,000 Patent 800,000 Goodwill, recognized in Jan. 2019 thru a business combination 1,400,000
Note payable, bank - due June 30, 2021 1,300,000 Note payable, bank - due June 30, 2022 2,100,000 Accounts payable 1,000,000
Employee benefit provisions 180,000 Warranty liabilities 80,000 Income tax payable 120,000 Deferred tax liability 280,000 Accumulated
profits, January 1, 2020 3,600,000 Revaluation surplus on Land, January 1, 2020 360,000 Unrealized gain on financial assets, January 1,
2020 280,00 Share capital 5,000,000 Share premium 1,000,000 Sales 10,000,000 Revaluation surplus on Land during the year 140,000
Unrealized gain on financial asset during the year 100,000 Cost of sales 6,000,000 Selling expenses 1,960,000 Administrative expenses
500,000 Finance cost 100,000 Income tax expense 160,000 Note: The company declared and paid cash dividends totaling to P1,000,000
during the year.
1. What is the net income after tax to be reported in the 2020 statement of comprehensive income?
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