Reference no: EM132626891

Question - Socorro Company provided the following information on December 31, 2020:

Current assets 3, 100,000

Current liabilities 1,000,000

Other assets 5,900,000

Long term liabilities 1,000,000

Capital 7,000,000

Cash (including P200,000 invested in money market and restricted foreign deposit of P300, 000) 1,000,000

Land held for undetermined use 500,000

Accounts payable 500,000

Accounts receivable less allowance of P50,000 700,000

Note payable, due December 31, 2021 100,000

Inventories 600,000

Income tax payable 150,000

Socorro Corporation share capital, at cost 300,000

Share premium 250,000

Total current assets 3,100,000

Total current liabilities 1,000,000

Store supplies 50,000

Unearned leasehold income (five years starting 2021) 350,000

Building less allowance of P500,000 3,000,000

Stock dividend payable 150,000

Equipment less allowance of P250,000 750,000

Serial bonds payable (P100,000 maturing annually) 500,000

Financial assets at amortized cost 1,000,000

Total long-term liabilities 1,000,000

Trademark 300,000

Advances to offifers-indefinite repayment 150,000

Retained earnings 1,500,000

Patent 250,000

Share capital, P100 par 5,000,000

Land 400,000

Retained earnings appropriated for plant expansion 500,000

Total other assets 5,900,000

Total capital 7,000,000

Required - Prepare statement of financial position with supporting notes and computations.