1) An entity reported the following current assets on December 31, 2019:

Cash in bank 4,000,000

Accounts Receivable 7,000,000
Notes Receivable 2,500,000
Notes Receivable Discounted (400,000)
Inventory 4,500,000
Financial Asset –FVPL 1,000,000
Financial Asset – FVOCI 1,500,000
Prepaid Expenses 200,000
Deferred Tax Asset 2,500,000
Equipment classified as “held for sale” 2,000,000
Total

Customers’ accounts 5,000,000

Allowance for doubtful accounts (500,000)
Sale price of unsold goods out on consignment at 125% of cost
And excluded from ending inventory 2,500,000
Net accounts receivable 7,000,000

What amount should be reported as total current assets on December 31, 2019? _________

2) An entity provided the following information on December 31, 2019

Accounts payable 2,000,000

Accrued Expenses 800,000
Bonds Payable due December 31, 2020 2,500,000
Premium on bonds payable 300,000
Deferred tax liability 500,000
Income Tax Payable 1,100,000
Cash Dividend Payable 600,000
Share Dividend Payable 400,000
Note Payable – 6% due March 1,2020 1,500,000
Note Payable – 8% due October 1, 2020 1,000,000

The financial statements for 2019 were issued on March 31,2020. On March 1,2020, the 6% note
payable was refinanced on a long-term basis. Under the loan agreement for the 8% note payable, the
entity has the discretion to refinance the obligation for at least twelve months after December 31, 2019.
What amount should be reported as total current liabilities? ___________________

3) An entity was incorporated on January 1, 2019 with proceeds from the issuance of 7,500,000 in
shares and borrowed funds of 1,100,000. During the first year of operations, revenue from sales
amounted to 820,000 and operating costs and expenses totaled 640,000. On December 15, the
 entity declared a 30,000 cash dividend, payable to shareholders on January 15, 2020. No
additional activities affected owners’ equity in 2019. The liabilities increased to 1,200,000 by
December 31,2019. What amount should be reported as total assets on December 31, 2019?
__________

4) An entity provided the following information on December 31, 2019:

 Accounts Payable amounted 1,500,000

 On December 15,2019,the entity declared a cash dividend of 20 per share on 100,000
outstanding shares, payable on January 15,2020
 On July 1, 2019 the entity issued 5,000,000, 8% bonds for 4,400,000 to yield 10%. The
bonds mature on June 30,2024 and pay interest annually every June 30
 The pretax financial income was 8,500,000 and taxable income was 6,000,000. The
difference is due to reverse 2020. The income tax rate is 30%. The entity made
estimated income tax payments during the current year of 1,000,000

What amount should be reported as total current liabilities on December 31, 2019?

5) An entity reported the following data on December 31, 2019:

Cash in bank, net of bank overdraft of 100,000 1,200,000

Petty Cash, including unreplenished petty cash expense 10,000 50,000

Notes Receivable 750,000

Accounts Receivable, net customers’ accounts with credit balances of 200,000 2,000,000

Inventory, excluding unrecorded purchase of 300,000 on account in transit

Shipped FOB shipping point on December 31,2019 2,500,000

Deferred charges 150,000

Accounts payable, net of suppliers’ accounts with debit balances of 400,000 3,000,000

Note payable, with annual installment of 500,000 payable every December 31 2,000,000

Accrued expenses 300,000

a. What amount should be reported as total current assets on December 31, 2019?
b. What amount should be reported as total current liabilities on December 31,2019?
6) An entity provided the following information at year-end:

Accounts Payable 1,100,000

Preference share capital, at par 2,000,000
Ordinary share capital, at par 3,000,000
Share Premium 1,000,000
Sales 10,000,000
Total expenses 7,800,000
Treasury shares at cost – ordinary 500,000
Dividends 700,000
Retained earnings – beginning 1,000,000

What total shareholders’ equity should be reported at year-end?