Prepare the Statement of Financial Position in an account form Exercise No. 1- Preparing SFPIn a separate sheet of paper, prepare a balance sheet or statement of financial positionin an account form for Legazpi's Beauty Parlor for the year ended December 31, 2017Cash on Hand15,000.00Accounts Payable6,000.00Notes Payable2,000.00Prepaid Insurance1,000.00Supplies on Hand600.00Prepaid Interest200.00Land20,000.00Buildings20,000.00Office Furnitures5,000.00Equipment4,000.00Accounts Payable5,000.00Notes Payable2,000.00Unearned rent Income3,000.00sSS premium payable300.00Philhealth contributions payable 150.00Withholding taxes payable400.00C. Foz, Capital?From the above data, compute the following:Total Current AssetsTotal Non-Current AssetsTotal Current LiabilitiesTotal Non-current liabilitiesOwner's Equity

Statement of financial position shows all assets and all liabilities of the business along with…

Answered: Prepare the Statement of Financial…

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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Prepare the Statement of Financial Position in an account form

Exercise No. 1- Preparing SFP
In a separate sheet of paper, prepare a balance sheet or statement of financial position
in an account form for Legazpi's Beauty Parlor for the year ended December 31, 2017
Cash on Hand
15,000.00
Accounts Payable
6,000.00
Notes Payable
2,000.00
Prepaid Insurance
1,000.00
Supplies on Hand
600.00
Prepaid Interest
200.00
Land
20,000.00
Buildings
20,000.00
Office Furnitures
5,000.00
Equipment
4,000.00
Accounts Payable
5,000.00
Notes Payable
2,000.00
Unearned rent Income
3,000.00
sSS premium payable
300.00
Philhealth contributions payable 150.00
Withholding taxes payable
400.00
C. Foz, Capital
?
From the above data, compute the following:
Total Current Assets
Total Non-Current Assets
Total Current Liabilities
Total Non-current liabilities
Owner's Equity

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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