Sioux Company had current assets amounting to P100,000. Noncurrent assets for the year totaled P76,000. How much is the company’s total assets? 2. Bjork Company’s total liabilities amounted to P10,000. Total equity had an ending balance of P20,000. How much is total assets? 3. Laoise Company had the following accounts at year end: Cash P250,000, Accounts Payable P70,000, Prepaid Expense P15,000. Compute for the company’s current assets.
Sioux Company had current assets amounting to P100,000. Noncurrent assets for the year totaled P76,000. How much is the company’s total assets? 2. Bjork Company’s total liabilities amounted to P10,000. Total equity had an ending balance of P20,000. How much is total assets? 3. Laoise Company had the following accounts at year end: Cash P250,000, Accounts Payable P70,000, Prepaid Expense P15,000. Compute for the company’s current assets.
Sioux Company had current assets amounting to P100,000. Noncurrent assets for the year totaled P76,000. How much is the company’s total assets? 2. Bjork Company’s total liabilities amounted to P10,000. Total equity had an ending balance of P20,000. How much is total assets? 3. Laoise Company had the following accounts at year end: Cash P250,000, Accounts Payable P70,000, Prepaid Expense P15,000. Compute for the company’s current assets.
A. Solve each of the following problems.
1. Sioux Company had current assets amounting to P100,000. Noncurrent assets for the year totaled P76,000. How much is the company’s total assets?
2. Bjork Company’s total liabilities amounted to P10,000. Total equity had an ending balance of P20,000. How much is total assets?
3. Laoise Company had the following accounts at year end: Cash P250,000, Accounts Payable P70,000, Prepaid Expense P15,000. Compute for the company’s current assets.
4. Luna Company’s Accounts Receivable amounted to P500,000. Prepaid Expense and Unearned Income totaled P30,000 and P10,000 respectively. Cash balance amounted to P100,000 while Accounts Payable and Inventory totaled to P20,000 and P10,000 respectively. How much is the company’s current assets? Current liabilities?
5. Claes Company’s Total Liabilities and Equity amounted to P285,000. Total noncurrent assets ended at P85,000. Cash totaled P50,000. Inventory amounted to P100,000. Assuming the company had no other assets, how much is Accounts Receivable?
6. Total assets amounted to P575,000. Total equity amounted to P250,000. Accounts Payable amounted to P50,000 while Unearned Income totaled P85,000. Assuming there are no other current liabilities, compute for the company’s noncurrent liabilities.
7. If assets are P17,000 and owner's equity is P10,000, how much is the liabilities?
8. At the end of the first month of operations for Jane’s Delivery Service, the business had the following accounts: Accounts Receivable, P1,200; Prepaid Insurance, P500; Equipment, P36,200 and Cash, P40,650. On the same date, Jane owed the following creditors: Neri’s Supply Company, P12,000 (due in 6 months); Mary’s Equipment, P9,500 (due after 2 years). How much is the company’s current assets? Current liabilities?
9. If during the year total assets increase by Php75,000 and total liabilities decrease by Php16,000, by how much did owner's equity increase/decrease?
10.Prepare a Statement of Financial Position 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
NOTE: FORMAT OF ACCOUNT AND REPORT FORM IN THE PHOTO ATTACHED
Transcribed Image Text:Example of an SFP
ASSETS
Forms of SFP
Current Assets
Cash
Accounts Receivable
Less: Allowance for Doubtful Accounts
Notes Receivable
Interest Receivable
www.
Advances to Employees
nuvam
Accrued Income
Inventories
Prepaid Rent
Prepaid Insurance
Office Supplies
Total Current Assets
Noncurrent Assets
Property, Plant and Equipment
Land
For the exclusive use of USPF SHS-ABM Grade 12, A.Y. 2022-2023. Unauthorized use, distribution, reproduction is strictly prohibited.
Store Equipment
Less: Accumulated Depreciation - Store
Office Equipment
Less: Accumulated Depreciation - Office
Long Term Investments
Intangible Asset
Total Noncurrent Assets
TOTAL ASSETS
LIABILITIES
Net Solutions
Statement of Financial Position
As of December 31, 2020
Current Liabilities
Accounts Payable
Notes Payable (current portion)
Loans Payable (current portion)
Utilities Payable
Unearned Revenue
Accrued Expenses
Total Current Liabilities
Noncurrent Liabilities
Notes Payable (final payment due 2025)
Loans Payable (final payment due 2030)
Mortgage Payable
Bonds Payable
Total Noncurrent Liabilities
TOTAL LIABILITIES
425,000
500,000
(50,000) 450,000
529,500
OWNER'S EQUITY
Iris Cruz, Capital
TOTAL LIABILITIES AND OWNER'S EQUITY
20,000
45,000
300,000
250,000
271,000
(57,000) 214,000
155,700
(47,200) 108,500
75,000
26,500
15,000
2,136,000
322,500
1,250,000
500,000
224,000
150,000
75,000
15,000
380,000
270,000
600,000
675,000
800,000
300,000
2,072,500
4,208,500
1,114,000
2,375,000
3,489,000
719,500
4,208,500
2
Report Form
The form of SFP shown above is called the report form. This form sets forth the three major sections in
a downward sequence of assets, liabilities and equity.
Transcribed Image Text:Account Form
This form of SFP resembles the basic format of accounting equation, with the assets on the left side and the liabilities and owner's equity
sections on the right side just like the debit and credit balances of an account.
ASSETS
Current Assets
Cash
425,000
500,000
(50,000) 450,000
529,500
20,000
Fit
45,000
300,000
250,000
75,000
26,500
15,000
2,136,000
Accounts Receivable
Less: Allowance for Doubtful Accounts
Notes Receivable
Interest Receivable
Advances to Employees
Accrued Income
Inventories
Prepaid Rent
Prepaid Insurance
Prepaid insur
Office Supplies
Total Current Assets
Noncurrent Assets
Property, Plant and Equipment
Land
Stave
Store Equipment
Less: Accumulated Depreciation - Store
Office Equipment
Less: Accumulated Depreciation - Office
Long Term Investments
Intangible Asset
Total Noncurrent Assets
TOTAL ASSETS
Net Solutions
Statement of Financial Position
As of December 31, 2020
271,000
(57,000) 214,000
155,700
(47,200) 108,500 322,500
1,250,000
500,000
LIABILITIES
2,072,500
4,208,500
Current Liabilities
Accounts Payable
TOTAL LIABILITIES
Notes Payable (current portion)
Loans Payable (current portion)
Utilities Payable
Unearned Revenue
Accrued Expenses
Noncurrent Liabilities
Total Current Liabilities
Notes Payable (final payment due 2025)
Loans Payable (final payment due 2030)
Mortgage Payable
Bonds Payable
Total Noncurrent Liabilities
OWNER'S EQUITY
Iris Cruz, Capital
TOTAL LIABILITIES AND OWNER'S EQUITY
224,000
150,000
75,000
15,000
380,000
270,000
600,000
675,000
800,000
300,000
1,114,000
2,375,000
3,489,000
719,500
4,208,500
Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.
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