You were hired by Mr. Juan Dela Cruz to prepare his sari-sari store's Statement of Financial Position.In order to prepare the statement, you identified the following assets and liabilities ofMr. Dela Cruz: a. His sari-sari store has cash deposited in a bank account amounting to P50,000b. His sari-sari store had a lot of uncollected sales from customers amounting to P75,000c. The total amount of merchandise left inside the store is P30,000d. He already paid one year's rent in advance amounting to P12,000e. The value of all the company's furniture amounted to P100,000f. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000g. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000h. He had a loan from the bank amounting to P50,000 to be paid in 3 yearsPrepare a Statement of Financial Position for the company in Report and AccountFormat.

Name: You were hired by Mr. Juan Dela Cruz to prepare his sari-sari store's
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Description: You were hired by Mr. Juan Dela Cruz to prepare his sari-sari store's Statement of Financial Position.In order to prepare the statement, you identified the following assets and liabilities ofMr. Dela Cruz: a. His sari-sari store has cash deposited in

Statement of Financial position includes: Assets accounts Liabilities accounts Shareholders equity…

Answered: a. His sari-sari store has cash…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You were hired by Mr. Juan Dela Cruz to prepare his sari-sari store's Statement of Financial Position. In order to prepare the statement, you identified the following assets and liabilities of Mr. Dela Cruz:

a. His sari-sari store has cash deposited in a bank account amounting to P50,000
b. His sari-sari store had a lot of uncollected sales from customers amounting to P75,000
c. The total amount of merchandise left inside the store is P30,000
d. He already paid one year's rent in advance amounting to P12,000
e. The value of all the company's furniture amounted to P100,000
f. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000
g. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000
h. He had a loan from the bank amounting to P50,000 to be paid in 3 years
Prepare a Statement of Financial Position for the company in Report and Account
Format.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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