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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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