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GROUP TASK ON FINANCIAL STATEMENTS PRESENTATIONThe comparative *pre-closing adjusted trial balances of Entity A on December 31,20x2 are shown below:20x1 20x Accounts Dr (Cr) Dr (Cr)Cash-Collecting Officers 30,000 30, Cash-Treasury/Agency Deposit, Regular 290,000 250, Accounts Receivable 80,000 120, ...

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GROUP TASK ON FINANCIAL STATEMENTS PRESENTATION The comparative *pre-closing adjusted trial balances of Entity A on December 31,20x2 are shown below:

Accounts Cash-Collecting Officers Cash-Treasury/Agency Deposit, Regular Accounts Receivable Allowance for Impairment-A/R Office Supplies Inventory Buildings Accumulated Depreciation-Buildings Office Equipment Accumulated Depreciation-Equipment Accounts Payable Due to BIR Due to GSIS Due to Pag-IBIG Due to Philhealth Accumulated Surplus(Deficit) Tax on Delivery Vans and Trucks Waterworks System Fees Subsidy from National Government Salaries and Wages, Regular PERA Office Supplies Expense Water Expenses Electricity Expenses Telephone Expenses Janitorial Expenses Security Expenses Depreciation-Buildings & Other Structures Depreciation- Machinery & Equipment Impairment Loss-Loans & Receivables Totals

20x1 Dr (Cr) 30,000 290,000 80,000 800,000 (650,000) 340,000 (180,000) (60,000) (20,000) (4,000) (2,000) (1,000) (160,000) (40,000) (192,000) (934,000) 303,000 16,000 104,000 16,000 48,000 32,000 64,000 80,000 24,000 16,000 -

20x2 Dr (Cr) 30,000 250,000 120,000 (5,000) 20,000 800,000 (680,000) 660,000 (200,000) (90,000) (333,000) (50,000) (240,000) (1,167,000) 380,000 20,000 130,000 20,000 60,000 40,000 80,000 100,000 30,000 20,000 5,000 -

* Hint: Recall that the "Cash-Treasury/Agency Deposit, Regular" account is closed directly to the "Accumulated Surplus (Deficit) account. In the Statement of Changes in Net Assets/Equity, this is presented under the "Adjustment of net revenue recognized directly in net assets/equity" line item. Additional information: a. Entity A received NCA of P1,050,000 in 20x2. Unused NCA reverted at year-end amounted to P43,000. b. The unbilled tax revenues were collected in cash. c. All collections of revenues, billed and unbilled, were remitted to the National Treasury.

d. Taxes withheld in 20x2 on payments of: - Personnel Services, P90,000 - Maintainance and Other Operating Expenses, P20,000 - Purchase of inventories, P10,000 - Purchase of office equipment, P20,000 e. Salary deductions for contributions to GSIS, PhilHealth and Pag-IBIG in 20x2 amounted to P60,000. f. Taxes withheld and other salary deductions are aggregated and presented under the "Inter-agency Payables g. Only the purchases of office supplies inventory affected the accounts payable in 20x2. h. For simplicity, assume there are no basis, timing, or entity differences between "budgeted amounts" and "a on a comparable basis". The following are relevant to the preparation of the Statement of Comparison of Budg Budgeted and Actual Receipts i. Original Budgeted Receipts The total original budgeted receipts amounts to P300,000. This is sourced from the 20x2 Budget of Expenditur Sources of Financing. It constitutes the projected revenue/receipts for the following: Tax Revenue 40,000 Service and Business Income 260,000 ii. Final Budgeted Receipts (There are no adjustments to the original budget). iii. Actual Receipts on Comparable Basis The total actual receipts on comparable basis amount to P250,000. This is based on the Consolidated Actual Revenue Collections , Statement of Financial Performance, and Statement of Cash Flows. It constitutes the actual collections/receipts from Tax Revenue and Services and Business Income that will accrue to the General Fund and Special Account in the General Fund. Budgeted and Actual Payments iv. Original Budget The original budget for payments of PS, MOOE, and CO amounts to P1,200,000. This is based on the Current Ye Appropriations, sourced from the Statement of Appropriations, Allotments, Obligations, Disbursements and Ba It consists of the folowing: Personnel Services 420,000 Maintenance and Other Operating Expenses 480,000 Capital Outlay 300,000 v. Final Budget The final budget amounts to P1,200,000. This includes a P20,000 realignment from PS to CO. vi. Actual Payments The actual payments for PS, MOOE, and CO, based on the Disbursements for payment of Current Year's Obliga (from Current Year and Continuing Appropriations) consist of the following: Personnel Services 400,000 Maintenance and Other Operating Expenses 450,000 Capital Outlay 320,000

Requirements: a. Prepare a comparative Statement of Financial Position showing cross-references to the notes for the followi 1. Receivables 2. Property, Plant and Equipment 3. Inter-agency Payables b. Prepare a comparative Statement of Financial Performance showing cross-references to the notes for the fo 4. Personnel Services 5. Maintenance and Other Operating Expenses 6. Non-cash Expenses c. Prepare a comparative Statement of Changes in Net Assets/Equity. d. Prepare the 20x2 Statement of Cash Flows. e. Prepare the 20x2 Statement of Comparison of Budget and Actual Amounts. f. Prepare a comparative partial notes showing the breakdowns of the cross-referenced line items.

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ENTITY A STATEMENT OF FINANCIAL POSITION ALL FUNDS AS AT DECEMBER 31, 20x2 Note ASSETS Current Assets Cash and Cash Equivalents Receivables Inventories Total Current Assets Non-Current Assets Property, Plant and Equipment Total Non-Current Assets

1

2

Total Assets LIABILITIES Current Liabilities Financial Liabilities Inter-Agency Payables Total Current Liabilities Total Liabilities

20x2

30,000 115,000 20,000 165,000

580,000 580,000 745,000

3

90,000 90,000 90,000

Total Assets less Total Liabilities

655,000

NET ASSETS/EQUITY Accumulated Surplus/(Deficit) Total Net Assets/Equity

655,000 655,000

This statement should be read in conjunction with the accompanying notes.

20x1

30,000 80,000 110,000

310,000 310,000 420,000

60,000 27,000 87,000 87,000 333,000

333,000 333,000

ENTITY A STATEMENT OF FINANCIAL PERFORMANCE ALL FUNDS FOR THE YEAR ENDED DECEMBER 31, 20x2 Note Revenue Tax Revenue Service and Business Income Total Revenue Less: Current Operating Expenses Personnel Services Maintenance and Other Operating Expenses Non-Cash Expenses Total Current Operating Expenses Surplus/(Deficit) from Current Operations Net Financial Assistance/Subsidy Surplus/(Deficit) for the period

This statement should be read in conjunction with the accompanying notes.

20x2 50,000 240,000 290,000

4 5 6

400,000 430,000 55,000 885,000 (595,000) 1,167,000 572,000

20x1 40,000 192,000 232,000

319,000 344,000 40,000 703,000 (471,000) 934,000 463,000

ENTITY A STATEMENT OF CHANGES IN NET ASSETS/EQUITY ALL FUNDS FOR THE YEAR ENDED DECEMBER 31, 20x2

Balance at January 1 Add/(Deduct): Changes in accounting policy Prior period errors Other adjustments Restated balance Add/(Deduct): Changes in Net Assets/Equity for the Calendar Year Surplus/(Deficit) for the period Adjustment of net revenue recognized directly in net assets/equity* Others** Balance at December 31

Accum Surplus/ 20x2 333,000 333,000

572,000 (250,000) 655,000

*Net revenue deposited with the National Treasury (revenue including constructive receipt of income by Foreign Base Agencies and income remitted by agencies thru TRA) **Direct adjustments to Net Assets/Equity which are not revenues or expenses (e.g. transfer of PPE from of the agency to another directly charged to Accumulated Surplus/(Deficit)) This statement should be read in conjunction with the accompanying notes.

mulated (Deficit) 20x1 160,000 160,000

463,000 (290,000) 333,000

d

ENTITY A STATEMENT OF CASH FLOWS ALL FUNDS FOR THE YEAR ENDED DECEMBER 31, 20x2 20x2 Cash Flows From Operating Activities Cash Inflows Receipt of Notice of Cash Allocation Collection of Income/Revenues Total Cash Inflows Cash Outflows Remittance to National Treasury Payment of Expenses Remittance of Personnel Benefit Contribution and Mandatory Deductions Reversal of Unutilized NCA Total Cash Outflows Net Cash Provided by (Used in) Operating Activities Cash Flows from Investing Activities Cash Inflows Total Cash Inflows Cash Outflows Purchase/Construction of Property, Plant and Equipment Total Cash Outflows Net Cash Provided by (Used in) Investing Activities Cash Flows From Financing Activities Cash Inflows Total Cash Inflows Cash Outflows Total Cash Outflows

1,210,000 250,000 1,460,000

410,000 640,000 67,000 43,000 1,160,000 300,000

-

300,000 300,000 (300,000)

-

-

Net Cash Provided by (Used in) Financing Activities

-

Increase (Decrease) in Cash and Cash Equivalents

-

Effects of Exchange Rate Changes on Cash and Cash Equivalents

-

Cash and Cash Equivalents, January 1

30,000

Cash and Cash Equivalents, December 31

30,000

This statement should be read in conjunction with the accompanying notes.

ENTITY A STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNT ALL FUNDS FOR THE YEAR ENDED DECEMBER 31, 20x2 (in thousand pesos)

Particulars

Budgeted Amounts Original

RECEIPTS Tax Revenue Services and Business Income Total Receipts

Final

40 260 300

40 260 300

PAYMENTS Personnel Services Maintenance and Other Operating Expenses Capital Outlays Total Payments

420 480 300 1,200

400 480 320 1,200

NET RECEIPTS/PAYMENTS

(900)

(900)

This statement should be read in conjunction with the accompanying notes.

Actual Amounts on Difference Comparable Final Budget and Actual Basis

50 200 250

(10) 60 50

400 450 320 1,170

30 30

(920)

20

ENTITY A [Consolidated] Financial statements for the year ended December 31, 20x2 20x2 Note 1

2

Receivables Loans and Receivable Accounts Accounts Receivable Allowance for Impairment-A/R Total Loans and Receivable Accounts

120,000 (5,000) 115,000

80,000 80,000

Total Receivables

115,000

80,000

Property, Plant & Equipment Buildings and Other Structures Buildings Accumulated Depreciation-Buildings Total Buildings and Other Structures

800,000 (680,000) 120,000

800,000 (650,000) 150,000

660,000 (200,000) 460,000

340,000 (180,000) 160,000

580,000

310,000

Inter-Agency Payables Inter-Agency Payables Due to BIR Due to GSIS Due to Pag-IBIG Due to Philhealth Total Inter-Agency Payables

-

20,000 4,000 2,000 1,000 27,000

Total Inter-Agency Payables

-

27,000

Machinery and Equipment Office Equipment Accumulated Depreciation-Equipment Total Machinery and Equipment Total Property, Plant & Equipment 3

4

20x1

Personnel Services Salaries and Wages Salaries and Wages-Regular Total Salaries and Wages

380,000 380,000

303,000 303,000

Other Compensation PERA Total Other Compensation

20,000 20,000

16,000 16,000

400,000

319,000

Total Personnel Services

5

Maintenance and Other Operating Expenses Supplies and Materials Expenses Office Supplies Expenses Total Supplies and Materials Expenses

130,000 130,000

104,000 104,000

Utility Expenses Water Expenses Electricity Expenses Total Utilily Expenses

20,000 60,000 80,000

16,000 48,000 64,000

Communication Expenses Telephone Expenses Total Communication Expenses

40,000 40,000

32,000 32,000

80,000 100,000 180,000

64,000 80,000 144,000

Total Maintenance and Other Operating Expenses

430,000

344,000

Non-Cash Expenses Depreciation Depreciation-Buildings and Other Structures Depreciation-Machinery and Equipment Total Depreciation

30,000 20,000 50,000

24,000 16,000 40,000

Impairment Loss Impairment Loss-Loans and Receivables Total Impairment Loss

5,000 5,000

-

55,000

40,000

General Services Janitorial Services Security Services Total General Services

6

Total Non-Cash Expenses...