Homework Help is Here – Start Your Trial Now!
Business
Accounting
You were hired by Mr. Juanito Cruz 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. Juanito Cruz: (Use report form of SFP) 1. His sari-sari store has cash deposited in a bank account amounting to P50,000 2. His sari-sari store had a lot of uncollected sales from customers amounting to P75,000 3. The total amount of merchandise left inside the store is P30,000 4. He already paid one year's rent in advance amounting to P12,000 5. The value of all the company's furniture amounted to P100,000 6. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end 7. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000 8. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000 9. He had a loan from the bank amounting to P50,000 to be paid in 3 years

You were hired by Mr. Juanito Cruz 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. Juanito Cruz: (Use report form of SFP) 1. His sari-sari store has cash deposited in a bank account amounting to P50,000 2. His sari-sari store had a lot of uncollected sales from customers amounting to P75,000 3. The total amount of merchandise left inside the store is P30,000 4. He already paid one year's rent in advance amounting to P12,000 5. The value of all the company's furniture amounted to P100,000 6. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end 7. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000 8. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000 9. He had a loan from the bank amounting to P50,000 to be paid in 3 years

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Use Report Form of SFP

B. You were hired by Mr. Juanito Cruz 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. Juanito Cruz: (Use report form of SFP) 1. His sari-sari store has cash deposited in a bank account amounting to P50,000 2. His sari-sari store had a lot of uncollected sales from customers amounting to P75,000 3. The total amount of merchandise left inside the store is P30,000 4. He already paid one year's rent in advance amounting to P12,000 5. The value of all the company's furniture amounted to P100,000 6. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end 7. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000 8. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000 9. He had a loan from the bank amounting to P50,000 to be paid in 3 years
Transcribed Image Text:B. You were hired by Mr. Juanito Cruz 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. Juanito Cruz: (Use report form of SFP) 1. His sari-sari store has cash deposited in a bank account amounting to P50,000 2. His sari-sari store had a lot of uncollected sales from customers amounting to P75,000 3. The total amount of merchandise left inside the store is P30,000 4. He already paid one year's rent in advance amounting to P12,000 5. The value of all the company's furniture amounted to P100,000 6. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end 7. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000 8. The sari-sari store had outstanding liabilities to utility companies amounting to P3,000 9. He had a loan from the bank amounting to P50,000 to be paid in 3 years
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS