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OUTPUT 1 SFP Prepare a classified SFP given the following additional information: (ACCOUNT FORM) a. Notes Payable is due 6 months from now. b. Notes Receivable is collectible 9 months from now. c. Prepaid Expenses is current. d. Date of SFP, December 31, 2020

OUTPUT 1 SFP Prepare a classified SFP given the following additional information: (ACCOUNT FORM) a. Notes Payable is due 6 months from now. b. Notes Receivable is collectible 9 months from now. c. Prepaid Expenses is current. d. Date of SFP, December 31, 2020

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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Answer 1. The following were taken from the books of Amihan Company: Answer 2. Long-term Payable Notes Payable Property. Plant and Equipment Accounts Receivable Accounts Payable Accumulated Depreciation Based on the above set of accounts, Cash Owner's Capital Unearned Income Notes Receivable Prepaid Expenses Accrued Expenses Inventory Intangible Assets determine total assets to be reported in the SFP. I determine total assets to be reported in the SFP. 2 determine total liabilities to be reported in the SFP. 3 Determine the balance of the Owner's Capital to be reported in the SFP. 4 Identify all the accounts with normal debit balances. Compute the total of all accounts with debi 5 Identify all the accounts with normal credit balances. Compute the total of all accounts with cre Property, Plant and Equipment Accounts Receivable Accumulated Depreciation 6 The Owner's Capital has a beginning balance of P 500,545. The owner gave P 100,000 additional c the year. Based on the Statement of Comprehensive Income, net income for the year was P 120,4 How much money did the owner withdraw from the business? Cash Notes Receivable Prepaid Expenses Inventory Intangible Assets TOTAL ASSETSTOTAL ASSETS Long-term Payable Notes Payable Accounts Payable Unearned Income Accrued Expenses TOTAL LIABILITIES determine total liabilities to be reported in the SFP. ASSETS- LIABILITIES + EQUITY P 500,000 120,000 750,000 56.000 65,000 100,000 77,000 Total Assets Less: Total Liabilities OWNER'S CAPITAL ? TOTAL ASSETS 15,345 244,000 56,700 37,890 157,840 124,500 Property, Plant and Equipment Accounts Receivable Answer 3. Determine the balance of the Owner's Capital to be reported in the SFP. Cash Notes Receivable Prepaid Expenses Inventory Intangible Assets Total Debit Balances 750,000 56,000 -100,000 77,000 244,000 56,700 157,840 124,500 1,366,040 500,000 120.000 65,000 15,345 37,890 738,235 1,366,040 738,235 627,805 Answer 4. Identify all the accounts with normal debit balances. Compute the total of all accounts with debi 750,000 56,000 77,000 244,000 738,235 HHHHH 56,700 157,840 124,500 1,466,040 Answer 5. Identify all the accounts with normal credit balances. Compute the total of all accounts with cre Answer 6. OUTPUT 1 SFP Accumulated Depreciation Long-term Payable Notes Payable Accounts Payable Unearned Income Accrued Expenses Owner's Capital Total Credit Balances The Owner's Capital has a beginning balance of P 500,545. The owner gave P 100,000 additional c the year. Based on the Statement of Comprehensive Income, net income for the year was P 120,4 How much money did the owner withdraw from the business? Owner's Capital, Beg. Add: Additional Contribution Add: Net Income Less: Owner's Drawing Owner's Capital, End 100,000 500,000 120,000 65,000 15.345 37,890 627,805 1,466,040 c. Prepaid Expenses is current. d. Date of SFP, December 31, 2020 500,545 100,000 120,445 -93,185 ? 627,806 Prepare a classified SFP given the following additional information: (ACCOUNT FORM) a. Notes Payable is due 6 months from now. b. Notes Receivable is collectible 9 months from now. 720,990 627,805 93,185
Transcribed Image Text:Answer 1. The following were taken from the books of Amihan Company: Answer 2. Long-term Payable Notes Payable Property. Plant and Equipment Accounts Receivable Accounts Payable Accumulated Depreciation Based on the above set of accounts, Cash Owner's Capital Unearned Income Notes Receivable Prepaid Expenses Accrued Expenses Inventory Intangible Assets determine total assets to be reported in the SFP. I determine total assets to be reported in the SFP. 2 determine total liabilities to be reported in the SFP. 3 Determine the balance of the Owner's Capital to be reported in the SFP. 4 Identify all the accounts with normal debit balances. Compute the total of all accounts with debi 5 Identify all the accounts with normal credit balances. Compute the total of all accounts with cre Property, Plant and Equipment Accounts Receivable Accumulated Depreciation 6 The Owner's Capital has a beginning balance of P 500,545. The owner gave P 100,000 additional c the year. Based on the Statement of Comprehensive Income, net income for the year was P 120,4 How much money did the owner withdraw from the business? Cash Notes Receivable Prepaid Expenses Inventory Intangible Assets TOTAL ASSETSTOTAL ASSETS Long-term Payable Notes Payable Accounts Payable Unearned Income Accrued Expenses TOTAL LIABILITIES determine total liabilities to be reported in the SFP. ASSETS- LIABILITIES + EQUITY P 500,000 120,000 750,000 56.000 65,000 100,000 77,000 Total Assets Less: Total Liabilities OWNER'S CAPITAL ? TOTAL ASSETS 15,345 244,000 56,700 37,890 157,840 124,500 Property, Plant and Equipment Accounts Receivable Answer 3. Determine the balance of the Owner's Capital to be reported in the SFP. Cash Notes Receivable Prepaid Expenses Inventory Intangible Assets Total Debit Balances 750,000 56,000 -100,000 77,000 244,000 56,700 157,840 124,500 1,366,040 500,000 120.000 65,000 15,345 37,890 738,235 1,366,040 738,235 627,805 Answer 4. Identify all the accounts with normal debit balances. Compute the total of all accounts with debi 750,000 56,000 77,000 244,000 738,235 HHHHH 56,700 157,840 124,500 1,466,040 Answer 5. Identify all the accounts with normal credit balances. Compute the total of all accounts with cre Answer 6. OUTPUT 1 SFP Accumulated Depreciation Long-term Payable Notes Payable Accounts Payable Unearned Income Accrued Expenses Owner's Capital Total Credit Balances The Owner's Capital has a beginning balance of P 500,545. The owner gave P 100,000 additional c the year. Based on the Statement of Comprehensive Income, net income for the year was P 120,4 How much money did the owner withdraw from the business? Owner's Capital, Beg. Add: Additional Contribution Add: Net Income Less: Owner's Drawing Owner's Capital, End 100,000 500,000 120,000 65,000 15.345 37,890 627,805 1,466,040 c. Prepaid Expenses is current. d. Date of SFP, December 31, 2020 500,545 100,000 120,445 -93,185 ? 627,806 Prepare a classified SFP given the following additional information: (ACCOUNT FORM) a. Notes Payable is due 6 months from now. b. Notes Receivable is collectible 9 months from now. 720,990 627,805 93,185
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