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Problem 1-2 Modesto Company provided the following information from its trial balance on December 31,2017. Notes Receivable 250,000 Accrued salaries 100,500 SSS premium payable Accumulated depreciation- furniture Equipment Accumulated depreciation- equipment 15,600 35,800 650,000 50,000 Deferred commission income 90,000 Interest receivable 264,900 Furniture 850,000 Advances to employees Prepaid rent 750,000 65,000 Inventories 285,900 Notes payable Cash and cash equivalent 500,000 ? Allowance for bad debts 20,000 Accrued utilities 85,000 Modesto, capital 1,256,850 Accounts receivable 455,650 Philhealth and Pag-ibig payable Prepaid Insurance Petty cash fund Withholding tax payable 78,000 95,500 10,000 254,000 Supplies 215,600 Patent 300,000 Marketable securities 350,000 Mortgage Payable 2,000,000 Accrued interest 120,000 83,000 Advances from officers Accounts payable 65,000 Required: Prepare an account form statement of financial position on December 31,2017 with appropriate notes to financial statements.

Problem 1-2 Modesto Company provided the following information from its trial balance on December 31,2017. Notes Receivable 250,000 Accrued salaries 100,500 SSS premium payable Accumulated depreciation- furniture Equipment Accumulated depreciation- equipment 15,600 35,800 650,000 50,000 Deferred commission income 90,000 Interest receivable 264,900 Furniture 850,000 Advances to employees Prepaid rent 750,000 65,000 Inventories 285,900 Notes payable Cash and cash equivalent 500,000 ? Allowance for bad debts 20,000 Accrued utilities 85,000 Modesto, capital 1,256,850 Accounts receivable 455,650 Philhealth and Pag-ibig payable Prepaid Insurance Petty cash fund Withholding tax payable 78,000 95,500 10,000 254,000 Supplies 215,600 Patent 300,000 Marketable securities 350,000 Mortgage Payable 2,000,000 Accrued interest 120,000 83,000 Advances from officers Accounts payable 65,000 Required: Prepare an account form statement of financial position on December 31,2017 with appropriate notes to financial statements.

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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Prepare an account form statement of financial position on December 31,2017 with appropriate notes to financial position

9:24 ll Allysa M... Problem 1-2 Modesto Company provided the following information from its trial balance on December 31,2017. Notes Receivable P 250,000 Accrued salaries 100,500 SSS premium payable Accumulated depreciation- furniture Equipment Accumulated depreciation- equipment 15,600 35,800 650,000 50,000 Deferred commission income 90,000 Interest receivable 264,900 Furniture 850,000 Advances to employees Prepaid rent 750,000 65,000 Inventories 285,900 Notes payable Cash and cash equivalent 500,000 ? Allowance for bad debts 20,000 Accrued utilities 85,000 Modesto, capital 1,256,850 Accounts receivable 455,650 Philhealth and Pag-ibig payable Prepaid Insurance Petty cash fund Withholding tax payable Supplies 78,000 95,500 10,000 254,000 215,600 Patent 300,000 Marketable securities 350,000 Mortgage Payable 2,000,000 Accrued interest 120,000 Advances from officers 83,000 Accounts payable 65,000 Required: Prepare an account form statement of financial position on December 31,2017 with appropriate notes to financial statements.
Transcribed Image Text:9:24 ll Allysa M... Problem 1-2 Modesto Company provided the following information from its trial balance on December 31,2017. Notes Receivable P 250,000 Accrued salaries 100,500 SSS premium payable Accumulated depreciation- furniture Equipment Accumulated depreciation- equipment 15,600 35,800 650,000 50,000 Deferred commission income 90,000 Interest receivable 264,900 Furniture 850,000 Advances to employees Prepaid rent 750,000 65,000 Inventories 285,900 Notes payable Cash and cash equivalent 500,000 ? Allowance for bad debts 20,000 Accrued utilities 85,000 Modesto, capital 1,256,850 Accounts receivable 455,650 Philhealth and Pag-ibig payable Prepaid Insurance Petty cash fund Withholding tax payable Supplies 78,000 95,500 10,000 254,000 215,600 Patent 300,000 Marketable securities 350,000 Mortgage Payable 2,000,000 Accrued interest 120,000 Advances from officers 83,000 Accounts payable 65,000 Required: Prepare an account form statement of financial position on December 31,2017 with appropriate notes to financial statements.
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