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    Gonzales

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    Precious Gonzales
    The document is the statement of financial position for Friendships Co. as of December 31, 20X1. It lists the company's current assets, including cash and cash equivalents of Php 6,235,000, trade and other receivables of Php 41,786,250, inventories of Php 22,117,615, held-for-trading securities of Php 2,834,079, and prepaid expenses of Php 946,013. The statement also lists noncurrent assets and notes providing additional details on cash and cash equivalents, trade and other receivables, inventories, prepaid expenses, and property, plant and equipment.

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    Gonzales

    Uploaded by

    Precious Gonzales
    1K views2 pages
    The document is the statement of financial position for Friendships Co. as of December 31, 20X1. It lists the company's current assets, including cash and cash equivalents of Php 6,235,000, trade and other receivables of Php 41,786,250, inventories of Php 22,117,615, held-for-trading securities of Php 2,834,079, and prepaid expenses of Php 946,013. The statement also lists noncurrent assets and notes providing additional details on cash and cash equivalents, trade and other receivables, inventories, prepaid expenses, and property, plant and equipment.

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    The document is the statement of financial position for Friendships Co. as of December 31, 20X1. It lists the company's current assets, including cash and cash equivalents of Php 6,235,000, trade and other receivables of Php 41,786,250, inventories of Php 22,117,615, held-for-trading securities of Php 2,834,079, and prepaid expenses of Php 946,013. The statement also lists noncurrent assets and notes providing additional details on cash and cash equivalents, trade and other receivables, inventories, prepaid expenses, and property, plant and equipment.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    1K views2 pages

    Gonzales

    Uploaded by

    Precious Gonzales
    The document is the statement of financial position for Friendships Co. as of December 31, 20X1. It lists the company's current assets, including cash and cash equivalents of Php 6,235,000, trade and other receivables of Php 41,786,250, inventories of Php 22,117,615, held-for-trading securities of Php 2,834,079, and prepaid expenses of Php 946,013. The statement also lists noncurrent assets and notes providing additional details on cash and cash equivalents, trade and other receivables, inventories, prepaid expenses, and property, plant and equipment.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 2

    31-BSA-01

    Financial Accounting Reporting III

    FRIENDSHIPS CO.
    Statement of Financial Position
    December 31, 20X1

    ASSETS Notes
    Current Assets
    Cash and Cash Equivalents 4 Php 62350
    Trade and Other Receivables 5 4178625
    Inventories 6 22117615
    Held-for-Trading Securities 2834079
    Prepaid Expenses 7 946013
    TOTAL CURRENT ASSETS 39,350,144
    Noncurrent Assets
    Loan Receivable 8592522
    Investment in Equity Securities-FVOCI
    Investment in Associate
    Land
    Building
    Note 4 Cash and Cash Equivalents

    Cash on Hand Php 62,350


    Cash-in-Bank BPI (savings) 1,720,500
    Cash-in-Bank BPI (current) 1,890,234
    Cash-in-Bank BD) (current) 567,891
    Total Cash and Cash Equivalents Php 4,240,975

    Note 5 Trade and Other Receivables

    Accounts Receivable Php 8,341,689


    Allowance for Doubtful Accounts (347,182)
    Interest Receivable 946,013
    Advance to Employees 57,610
    Advance to Suppliers 34,981
    Total Trade and Other Receivables Php 9,033,111

    Note 6 Inventories

    Raw materials inventory Php 7, 987,908


    Work in process inventory 12,892,309
    Finished Goods Inventory 234,125
    Total Inventories Php 22,117,615

    Note 7 Prepaid Expenses

    Prepaid Income Tax Php234,125


    Prepaid Supplies 890,239
    Total Prepaid Expenses Php1,124,364

    Note 8 Property, Plant and Equipment

    Land Php3,980,751
    Building 3,419,877
    Equipment 917,387
    Total 13,318,015
    Less: Accumulated Depreciation Expense-Bldg 712,930
    Accumulated Depreciation Expense-Eqpt 234,125
    Carrying Amount Php12,370,960

    Note 9 Trade and Other Payables

    Accounts Payable Php 9,071,239


    Accrued Liabilities 889,712
    Income Tax Payable 721,346
    Interest payable 341,782
    Loans Payable 8,000,000
    Discount on Loans Payable (746,252)
    Total Trade and Other Payables Php 18,277,827

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