Prepare SFP using report form, classify the elements into current and noncurrent and show the respective breakdown of selected line items. E. EVALUATION: The trial balance of entity A on December 31, 2015, shows the following information: Accounts Cash and cash equivalents Accounts receivable Debit 20,000 122.000 Credit Allowance for bad debts 30,000 Notes receivable (trade) Inventory Prepaid supplies Prepaid rent Prepaid insurance Land Building Accumulated depreciation- building Equipment Accumulated depreciation- equipment Accounts payable Notes payable- short term loan Notes payable- long term loan (P50,000 due within 1 year) İnterest payable Salaries payable Utilities payable Unearned income Owner's capital Totals 8,000 200,000 15,000 25,000 10,000 1,000,000 2,000,000 1,600,000 800,000 250,000 100,000 200,000 1,450,000 65,000 105,000 8,000 35,000 357,000 4,200,000 4,200,000

Prepare SFP using report form, classify the elements into current and noncurrent and show the respective breakdown of selected line items. E. EVALUATION: The trial balance of entity A on December 31, 2015, shows the following information: Accounts Cash and cash equivalents Accounts receivable Debit 20,000 122.000 Credit Allowance for bad debts 30,000 Notes receivable (trade) Inventory Prepaid supplies Prepaid rent Prepaid insurance Land Building Accumulated depreciation- building Equipment Accumulated depreciation- equipment Accounts payable Notes payable- short term loan Notes payable- long term loan (P50,000 due within 1 year) İnterest payable Salaries payable Utilities payable Unearned income Owner's capital Totals 8,000 200,000 15,000 25,000 10,000 1,000,000 2,000,000 1,600,000 800,000 250,000 100,000 200,000 1,450,000 65,000 105,000 8,000 35,000 357,000 4,200,000 4,200,000

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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Question

Prepare SFP using report form, classify the elements into current and
noncurrent and show the respective breakdown of selected line items.
E. EVALUATION:
The trial balance of entity A on December 31, 2015, shows the following information:
Accounts
Cash and cash equivalents
Accounts receivable
Allowance for bad debts
Notes receivable (trade)
Inventory
Prepaid supplies
Prepaid rent
Prepaid insurance
Land
Building
Accumulated depreciation- building
Equipment
Accumulated depreciation- equipment
Accounts payable
Notes payable- short term loan
Notes payable- long term loan (P50,000 due within 1
year)
Interest payable
Salaries payable
Utilities payable
Unearned income
Owner's capital
Totals
Credit
Debit
20,000
122,000
30,000
8,000
200.000
15,000
25,000
10,000
1,000,000
2,000,000
1,600,000
800,000
250,000
100,000
200,000
1,450,000
65,000
105,000
8,000
35,000
357,000
4,200,000 4,200,000

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