Most Essential Learning Competencies1. Identify the elements of the SFP and describe each of them.2. Prepare an SFP using the report form and the account form with proper classification ofitems as current and noncurrent.STATEMENT OF FINANCIALPart 1: At the back of this paper, prepare a Statement of Financial Position pf CDS EnterpriseBusiness for the calendar year 2020 using the following accounts in Report Form:Cash - 5,000Loans Payable - 77,500Accounts Receivable - 2,600Supplies - 2,300Equipment - 17,000Owner's equity – 40,000Accounts Payable - 22,400Building - 113,000Part 2: Answer the following questions and write the solutions in a clean paper. Attached yoursolution with this paper.1. If assets are Php17,000 and owner's equity is Php10,000, liabilities are2. At the end of the first month of operations for Juana's Delivery Service, the business had thefollowing accounts: Accounts Receivable, Php1,200; Prepaid Insurance, Php500; Equipment,Php36,200 and Cash, Php40,650. On the same date, Juana owed the following creditors: Nena'sSupply Company, Php12,000; Maria's Equipment, Php9,500. The current assets for the Juana'sDelivery Service are3. At the end of the first month of operations for Juana's Delivery Service, the business had thefollowing accounts: Accounts Receivable, Php1,200; Prepaid Insurance, Php500; Equipment,Php36,200 and Cash, Php40,650. On the same date, Juana owed the following creditors: Nena'sSupply Company, Php12,000 (due in 6 months); Maria's Equipment, Php9,500 (due after 2years). Current liabilities are

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Part 1: At the back of this paper, prepare a Statement of Financial Position pf CDS Enterprise Business for the calendar year 2020 using the following accounts in Report 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

Part 1: At the back of this paper, prepare a Statement of Financial Position pf CDS Enterprise Business for the calendar year 2020 using the following accounts in Report 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

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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