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Quiz#1 SFP

Mr. Jerald Federio hired you to prepare a statement of financial position for his sari-sari store. You identified the following assets and liabilities: cash of P50,000, accounts receivable of P75,000, inventory of P25,000, prepaid rent of P12,000, property and equipment of P100,000, accounts payable of P25,000, accrued expenses of P5,000, accounts payable of P3,000, and long-term debt of P50,000. Mr. Federio's equity was P179,000.

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109 views

Quiz#1 SFP

Mr. Jerald Federio hired you to prepare a statement of financial position for his sari-sari store. You identified the following assets and liabilities: cash of P50,000, accounts receivable of P75,000, inventory of P25,000, prepaid rent of P12,000, property and equipment of P100,000, accounts payable of P25,000, accrued expenses of P5,000, accounts payable of P3,000, and long-term debt of P50,000. Mr. Federio's equity was P179,000.

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Prepare a Statement of Financial Position for the company in Account and Report From:

You were hired by Mr. Jerald Federio last August 24, 2019, 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. Federio.

a. His sari-sari store has cash deposited in a bank account amounting to P50, 000
b. His sari-sari store had a lot of uncollected sales from customers amounting to P75, 000
c. The total amount of merchandise left inside the store is P25, 000
d. He already paid one year’s rent in advance amounting to P12, 000
e. The value of all company’s furniture amounted to P100, 000
f. He bought merchandise form 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 sari-sari store had outstanding liabilities to utility companies amounting to P3, 000
i. He had a loan from the bank amounting to P50, 000 to be paid in 3 years.
j. His equity amounted to P179, 000

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