Answered: Instructions: Prepare a Statement of…

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter14: Financial Statement Analysis

Section: Chapter Questions

Problem 14.9BE

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Instructions: Prepare a Statement of Financial Position of Happy Selling Co. using the following accounts (one in report form and one in account form):

Cash – 5,000

Loans Payable – 77,500

Accounts Receivable – 2,600

Supplies – 2,300

Equipment – 17,000

Owner’s equity – 40,000

Accounts Payable – 22,400

Building – 113,000

Instruction: Answer the following situation and apply what you’ve learned regarding the preparation of Balance Sheet or Statement of Financial Position.

You were hired by Ms. Annalyn Chua to prepare her General Merchandise Statement of Financial Position. In order to prepare the statement, you identified the following assets and liabilities of Ms. Chua. You may choice any of the format.

Cash deposited in a bank account amounting to P50,000
Store had a lot of uncollected sales from customers amounting to P75,000
The total amount of merchandise left inside the store is P30,000
She already paid one year’s rent in advance amounting to P12,000
The value of all the company’s furniture amounted to P100,000
She bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end
SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000
The store had outstanding liabilities to utility companies amounting to P3,000
She had a loan from the bank amounting to P50,000 to be paid in 3 year

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Jbramos21
Activity 4 ( 35 points)
Instruction: Answer the following situation and apply what you've learned regarding the preparation of
Balance Sheet or Statement of Financial Position.
You were hired by Ms. Annalyn Chua to prepare her General Merchandise Statement of Financial
Position. In order to prepare the statement, you identified the following assets and liabilities of Ms. Chua.
You may choice any of the format.
a. Cash deposited in a bank account amounting to P50,000
b. Store had a lot of uncollected sales from customers amounting to P75,000
c. The total amount of merchandise left inside the store is P30,000
d. She already paid one year's rent in advance amounting to P12,000
e. The value of all the company's furniture amounted to P100,000
f. She bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment
can be made 2 months after year-end
g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000
h. The store had outstanding liabilities to utility companies amounting to P3,000
i, She had a loan from the bank amounting to P50,000 to be paid in 3 year
( paste your answer here
Jbramos21

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6. Inventory amounted to Php100,000. Assuming the company had no other assets, how much is
Accounts Receivable?
Activity 3 (30 points)
Instructions: Prepare a Statement of Financial Position of Happy Selling Co. using the following accounts
(one in report form and one in account form):
Cash – 5,000
Loans Payable - 77,500
Accounts Receivable – 2,600
Supplies – 2,300
Equipment – 17,000
Owner's equity – 40,000
Accounts Payable – 22,400
Building – 113,000
( paste your answer here)
Jbramos21
Activity 4 ( 35 points)
Instruction: Answer the following situation and apply what you’ve learned regarding the preparation of
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