Prepare a SFP (Statement of Financial Position) for the company using report form. Your neighbor who has a Sari- Sari store hired you 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 after he made an investment of P159,000.00. a. His sari-sari store has cash deposited in a bank account amounting to P50,000 b. His sari-sari store has 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. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end g. SSS, Phil health and Pag-big payables for his one employee totaled P5,000 h. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000 i. He had a loan from the bank amounting to P50,000 to be paid in 3 years
Prepare a SFP (Statement of Financial Position) for the company using report form. Your neighbor who has a Sari- Sari store hired you 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 after he made an investment of P159,000.00. a. His sari-sari store has cash deposited in a bank account amounting to P50,000 b. His sari-sari store has 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. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end g. SSS, Phil health and Pag-big payables for his one employee totaled P5,000 h. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000 i. He had a loan from the bank amounting to P50,000 to be paid in 3 years
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare a SFP (Statement of Financial Position) for the company using report form. Your neighbor
who has a Sari- Sari store hired you 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
after he made an investment of P159,000.00.
a. His sari-sari store has cash deposited in a bank account amounting to P50,000
b. His sari-sari store has 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. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that
payment can be made 2 months after year-end
g. SSS, Phil health and Pag-big payables for his one employee totaled P5,000
h. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000
i. He had a loan from the bank amounting to P50,000 to be paid in 3 years
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