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Acti Instructions: Prepare a Statement of Financial Position, after WH questions that follows. CASE X-Ngiting Tagumpay Company Ngiting Tagumpay Company Trial Balance 31 December 2018 DEBIT CREDIT ACCOUNTS 45 000.00 Cash 360 000.00 Notes Receivable Accounts Receivable Office Supplies Interest Receivable 156 000.00 21 000.00 24 000.00 300 000.00 Land 1 590 000.00 Building Accumulated Depreciation -Building Equipment Accumulated Depreciation- Equipment Accounts Payable Salaries Payable 292 000.00 2 150 000.00 735 000.00 213 000.00 14 000.00 300 000.00 Unearned Consulting Revenues Interest Income 24 000.00 Mr. D, Capital Mr. D, Drawings Consulting Revenues Salaries Expense 2 655 000.00 600 000.00 2 258 000.00 889 000.00 Office Supplies Used Repairs Expense Depreciation Expense Miscellaneous Expense 42 000.00 116 000.00 161 000.00 37 000.00 TOTAL 6 491 000.00 6 491 000.000

Acti Instructions: Prepare a Statement of Financial Position, after WH questions that follows. CASE X-Ngiting Tagumpay Company Ngiting Tagumpay Company Trial Balance 31 December 2018 DEBIT CREDIT ACCOUNTS 45 000.00 Cash 360 000.00 Notes Receivable Accounts Receivable Office Supplies Interest Receivable 156 000.00 21 000.00 24 000.00 300 000.00 Land 1 590 000.00 Building Accumulated Depreciation -Building Equipment Accumulated Depreciation- Equipment Accounts Payable Salaries Payable 292 000.00 2 150 000.00 735 000.00 213 000.00 14 000.00 300 000.00 Unearned Consulting Revenues Interest Income 24 000.00 Mr. D, Capital Mr. D, Drawings Consulting Revenues Salaries Expense 2 655 000.00 600 000.00 2 258 000.00 889 000.00 Office Supplies Used Repairs Expense Depreciation Expense Miscellaneous Expense 42 000.00 116 000.00 161 000.00 37 000.00 TOTAL 6 491 000.00 6 491 000.000

FINANCIAL ACCOUNTING
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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Activity #6: SFP Preparations Instructions: Prepare a Statement of Financial Position, after which answer the questions that follows. CASE X-Ngiting Tagumpay Company Ngiting Tagumpay Company Trial Balance 31 December 2018 DEBIT CREDIT ACCOUNTS 45 000.00 Cash Notes Receivable Accounts Receivable 360 000.00 156 000.00 21 000.00 Office Supplies Interest Receivable 24 000.00 300 000.00 Land 1 590 000.00 Building Accumulated Depreciation -Building 292 000.00 2 150 000.00 Equipment Accumulated Depreciation - Equipment Accounts Payable 735 000.00 213 000.00 14 000.00 Salaries Payable Unearned Consulting Revenues Interest Income Mr. D, Capital Mr. D, Drawings Consulting Revenues Salaries Expense Office Supplies Used Repairs Expense Depreciation Expense Miscellaneous Expense 300 000.00 24 000.00 2 655 000.00 600 000.00 2 258 000.00 889 000.00 42 000.00 116 000.00 161 000.00 37 000.00 TOTAL 6 491 000.00 6 491 000.000 20 | Page
Transcribed Image Text:Activity #6: SFP Preparations Instructions: Prepare a Statement of Financial Position, after which answer the questions that follows. CASE X-Ngiting Tagumpay Company Ngiting Tagumpay Company Trial Balance 31 December 2018 DEBIT CREDIT ACCOUNTS 45 000.00 Cash Notes Receivable Accounts Receivable 360 000.00 156 000.00 21 000.00 Office Supplies Interest Receivable 24 000.00 300 000.00 Land 1 590 000.00 Building Accumulated Depreciation -Building 292 000.00 2 150 000.00 Equipment Accumulated Depreciation - Equipment Accounts Payable 735 000.00 213 000.00 14 000.00 Salaries Payable Unearned Consulting Revenues Interest Income Mr. D, Capital Mr. D, Drawings Consulting Revenues Salaries Expense Office Supplies Used Repairs Expense Depreciation Expense Miscellaneous Expense 300 000.00 24 000.00 2 655 000.00 600 000.00 2 258 000.00 889 000.00 42 000.00 116 000.00 161 000.00 37 000.00 TOTAL 6 491 000.00 6 491 000.000 20 | Page
Not Applicabl 16. UWner s Capital Activity #6: Accounting Equations 15,500,000. What is the amount of liabilities? respectively. What is the amount of the assets? c) The liabilities of Mindanao Farms equal one-third of the assets, and the oWners equity is 16,000,000. What is the amount of the liabilities? d) At the beginning of the year. LVM Consulting assets were 27,500,000, and its owner's equity was 15,000,000. During the year, assets increased 7,500,000 and liabilities decrease 2,250,000. What is the owner's equity at the end? 19 | Page Instructions: Use the accounting equations to answer the following: b) The liabilities and owner's equity of Visayas Tours are 7,200,000 and 7,950,00, a) The assets of Luzon Petroleum are 40,000,000, and the owner's equity is
Transcribed Image Text:Not Applicabl 16. UWner s Capital Activity #6: Accounting Equations 15,500,000. What is the amount of liabilities? respectively. What is the amount of the assets? c) The liabilities of Mindanao Farms equal one-third of the assets, and the oWners equity is 16,000,000. What is the amount of the liabilities? d) At the beginning of the year. LVM Consulting assets were 27,500,000, and its owner's equity was 15,000,000. During the year, assets increased 7,500,000 and liabilities decrease 2,250,000. What is the owner's equity at the end? 19 | Page Instructions: Use the accounting equations to answer the following: b) The liabilities and owner's equity of Visayas Tours are 7,200,000 and 7,950,00, a) The assets of Luzon Petroleum are 40,000,000, and the owner's equity is
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