Reference no: EM132774503
Mint Company provided the following account balances on December 31, 2014 which had been adjusted except for income tax expense:
Cash 600,000
Accounts receivable 3,500,000
Cost in excess of billings on long term contracts 1,600,000
Billings in excess of cost on long-term contracts 700,000
Prepaid taxes 450,000
Property, plant and equipment at carrying amount 1,510,000
Notes payable - noncurrent 1,620,000
Share capital 750,000
Share premium 2,030,000
Retained earnings unappropriated 900,000
Retained earnings appropriated 160,000
Earnings from long term contracts 6,680,000
Cost and expenses 5,180,000
- All receivables on long term contracts are considered to be collectible within 12 months. During the year, estimated tax payments of P450,000 were charged to prepaid taxes. The entity has not recorded income tax expense. The tax rate is 30%. On December 31, 2014, what amount should be reported as
Problem 1: Total retained earnings
a. 1,950,000 b. 2,110,000
c. 2,400,000 d. 2,560,000
Problem 2: Total noncurrent liabilities
a. 1,680,000 b. 1,780,000
c. 2,320,000 d. 2,480,000
Problem 3: Total current assets
a. 5,000,000 b. 4,100,000
c. 5,700,000 d. 6,150,000
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