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    Problem 4 SFP

    Uploaded by

    Mylene Santiago
    The document provides a statement of financial position for Amihan Company as of December 31, 20M8. It lists the company's total assets as ₱1,366,040 comprising current assets of ₱591,540 and non-current assets of ₱774,500. Total liabilities are ₱738,235 consisting of current liabilities of ₱238,235 and non-current liabilities of ₱500,000. Owner's equity is ₱627,805.

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    Problem 4 SFP

    Uploaded by

    Mylene Santiago
    2K views11 pages
    The document provides a statement of financial position for Amihan Company as of December 31, 20M8. It lists the company's total assets as ₱1,366,040 comprising current assets of ₱591,540 and non-current assets of ₱774,500. Total liabilities are ₱738,235 consisting of current liabilities of ₱238,235 and non-current liabilities of ₱500,000. Owner's equity is ₱627,805.

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    The document provides a statement of financial position for Amihan Company as of December 31, 20M8. It lists the company's total assets as ₱1,366,040 comprising current assets of ₱591,540 and non-current assets of ₱774,500. Total liabilities are ₱738,235 consisting of current liabilities of ₱238,235 and non-current liabilities of ₱500,000. Owner's equity is ₱627,805.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    2K views11 pages

    Problem 4 SFP

    Uploaded by

    Mylene Santiago
    The document provides a statement of financial position for Amihan Company as of December 31, 20M8. It lists the company's total assets as ₱1,366,040 comprising current assets of ₱591,540 and non-current assets of ₱774,500. Total liabilities are ₱738,235 consisting of current liabilities of ₱238,235 and non-current liabilities of ₱500,000. Owner's equity is ₱627,805.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 11

    Problem 4: Comprehensive

    Problem
    1. Total ASSETS
    CASH 77,000
    Accounts Receivable 56,000
    Notes Receivable 244,000
    Inventory 157,840
    Prepaid Expense 56,700
    Property, Plant and Equipment 750,000
    Less: Accumulated Depreciation 100,000
    Intangible assets 124,500
    Total Assets P 1,366,040
    2. Total LIABILITIES
    Accounts Payable 65,000

    Notes Payable 120,000

    Accrued Expenses 37,890

    Unearned Income 15,345

    Long-term payable 500,000

    Total Liabilities P 738, 235


    3. Owner’s Capital
    Total Assets 1,366,040

    Less: Total Liabilities 738,235

    Owner’s Capital P 627,805


    4. Accounts with normal debit balances
    CASH 77,000
    Accounts Receivable 56,000
    Notes Receivable 244,000
    Inventory 157,840
    Prepaid Expense 56,700
    Property, Plant and Equipment 750,000
    Intangible assets 124,500
    Total Debit P 1,466,040
    5. Accounts with normal credit balances
    Accounts Payable 65,000

    Notes Payable 120,000

    Accrued Expenses 37,890

    Unearned Income 15,345

    Long-term payable 500,000

    Owner’s Capital 627,805

    Accumulated Depreciation 100,000

    Total credit P 1, 466,040


    6. Drawing
    DEBIT CREDIT
    Beginning balance 500,545
    Additional 100,000
    contribution
    Net Income 120,445
    Drawing X
    Ending Balance 627,805

    500,545 + 100,000 + 120,445 – X = 627,805


    627,805 – (500,545 + 100,000 + 120,445) = X
    X = 93, 185
    Amihan Company
    Statement of Financial Position
    As of December 31, 20M8
    ASSETS
    Current Assets
    Cash P 77,000.00
    Accounts Receivable 56,000.00
    Notes Receivable 244,000.00
    Inventory 157,840.00
    Prepaid expenses 56,700.00
    Total Current Assets P 591,540.00

    Non-current Assets
    Property, Plant and Equipment P 750000
    Less: Accumulated Depreciation 100000
    Net, PPE 650,000.00
    Intangible Assets 124,500.00
    Total Non-current Assets P 774,500.00

    Total Assets P 1,366,040.00


    LIABILITIES AND OWNER'S EQUITY
    Current Liabilities
    Accounts payable P 65,000.00
    Notes payable 120,000.00
    Accrued expenses 37,890.00
    Unearned Income 15,345.00
    Total Current Liabilities P 238,235.00

    Non-Current Liabilities
    Long-term payable P 500,000.00
    Total Non-current Liabilities P 500,000.00

    Total Liabilities P 738,235.00


    Owner's Equity
    Amihan, Capital P 627,805.00

    Total Liabilities and Owner's Equity 1,366,040.00

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