Instructions: Prepare a Statement of Financial Position of Happy Selling Co. using the following accounts (one in report form and one in account form): Cash – 5,000 Loans Payable – 77,500 Accounts Receivable – 2,600 Supplies – 2,300 Equipment – 17,000 Owner’s equity – 40,000 Accounts Payable – 22,400 Building – 113,000
Instructions: Prepare a Statement of Financial Position of Happy Selling Co. using the following accounts (one in report form and one in account form): Cash – 5,000 Loans Payable – 77,500 Accounts Receivable – 2,600 Supplies – 2,300 Equipment – 17,000 Owner’s equity – 40,000 Accounts Payable – 22,400 Building – 113,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Instructions: Prepare a
Cash – 5,000
Loans Payable – 77,500
Supplies – 2,300
Equipment – 17,000
Owner’s equity – 40,000
Accounts Payable – 22,400
Building – 113,000
Instruction: Answer the following situation and apply what you’ve learned regarding the preparation of Balance Sheet or Statement of Financial Position.
You were hired by Ms. Annalyn Chua to prepare her General Merchandise Statement of Financial Position. In order to prepare the statement, you identified the following assets and liabilities of Ms. Chua. You may choice any of the format.
- Cash deposited in a bank account amounting to P50,000
- Store had a lot of uncollected sales from customers amounting to P75,000
- The total amount of merchandise left inside the store is P30,000
- She already paid one year’s rent in advance amounting to P12,000
- The value of all the company’s furniture amounted to P100,000
- She bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end
- SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000
- The store had outstanding liabilities to utility companies amounting to P3,000
- She had a loan from the bank amounting to P50,000 to be paid in 3 year
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