You were hired by Mr. Juan Dela 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. Dela Cruz: a. His sari-sari store has cash deposited in a bank account amounting to P 50,000 b. His sari- sari store had a lot of uncollected sales from customers amounting to P 75,000 c. The total amount of merchandise left inside the store is P 30,000 d. He already paid one year's rent in advance amounting to P12,000 e. The value of all the company's furniture amounted to P 100,000 f. He bought merchandise from his supplier amounting to P 25,000 and the supplier agreed that payment can be made 2 months after year-end g. Salaries Payable for his one employee totaled P 5,000 h. The sari-sari store had outstanding liabilities to utility companies amounting to P 3,000 i. He had a loan from the bank amounting to P 50,000 to be paid in 3 years

You were hired by Mr. Juan Dela 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. Dela Cruz: a. His sari-sari store has cash deposited in a bank account amounting to P 50,000 b. His sari- sari store had a lot of uncollected sales from customers amounting to P 75,000 c. The total amount of merchandise left inside the store is P 30,000 d. He already paid one year's rent in advance amounting to P12,000 e. The value of all the company's furniture amounted to P 100,000 f. He bought merchandise from his supplier amounting to P 25,000 and the supplier agreed that payment can be made 2 months after year-end g. Salaries Payable for his one employee totaled P 5,000 h. The sari-sari store had outstanding liabilities to utility companies amounting to P 3,000 i. He had a loan from the bank amounting to P 50,000 to be paid in 3 years

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter3: The Double-entry Framework

Section: Chapter Questions

Problem 6SEA: TRANSACTION ANALYSIS Linda Kipp starred a business on May 1, 20--. Analyze the following...

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