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Assets Note Current Assets: Less: Accumulated Depreciation - Building Less: Accumulated Depreciation - Equipment

The document contains financial statements and notes for Ren Ren Merchandising as of December 31, 2016. It includes a balance sheet showing total assets of ₱1,585,000 including current assets of ₱385,000 and non-current assets of ₱1,200,000. Total liabilities are ₱840,000 with owner's equity of ₱745,000. Notes provide additional details on accounts receivable, prepaid expenses, property, plant and equipment, and accounts payable.

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Ashley Keith D. Bernardino
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110 views8 pages

Assets Note Current Assets: Less: Accumulated Depreciation - Building Less: Accumulated Depreciation - Equipment

The document contains financial statements and notes for Ren Ren Merchandising as of December 31, 2016. It includes a balance sheet showing total assets of ₱1,585,000 including current assets of ₱385,000 and non-current assets of ₱1,200,000. Total liabilities are ₱840,000 with owner's equity of ₱745,000. Notes provide additional details on accounts receivable, prepaid expenses, property, plant and equipment, and accounts payable.

Uploaded by

Ashley Keith D. Bernardino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Assets Note

Current Assets
Cash
Trades and Other Receivables 6
Prepaid Expense 7
Total Current Assets
Non-Current Assets
Property, Plant, and Equipment 8
Total Assets

Notes to Balance Sheet

Note 6 - Trades and Other Receivables


Accounts Receivable ₱ 100,000.00
Less: Allowance for Bad Debts 5,000.00 ₱ 95,000.00
Notes Receivable 40,000.00
Interest Receivable 12,000.00
Advances to Employees 20,000.00
Accrued Income 10,000.00
Total ₱ 177,000.00

Note 7 - Prepaid Expenses


Supplies ₱ 1,000.00
Prepaid Rent 7,000.00
Total ₱ 8,000.00

Note 8 - PPE
Land ₱ 400,000.00
Building ₱ 700,000.00
Less: Accumulated Depreciation - Building 50,000.00 650,000.00
Equipment ₱ 100,000.00
Less: Accumulated Depreciation - Equipment 30,000.00 70,000.00
Furniture & Fixtures 80,000.00
Total ₱ 1,200,000.00
₱ 200,000.00
177,000.00
8,000.00
₱ 385,000.00

1,200,000.00
₱ 1,585,000.00
Liabilities & Owner's Equity
Current Liabilities
Trade and Other Payables 9 ₱ 60,000.00
Non-Current Liabilities
Mortgage Payable ₱ 700,000.00
Loan Payable 80,000.00
Total Non-Current Liabilities 780,000.00
Total Liabilities ₱ 840,000.00
Owner's Equity
R, Capital 745,000.00
Total Liabilities & Capital ₱ 1,585,000.00

Notes to Balance Sheet


Note 9 - Trade and Other Payables
Accounts Payable ₱ 30,000.00
Notes Payable 20,000.00
Accrued Expenses 10,000.00
Total ₱ 60,000.00
Ren Ren Merchandising
Statement of Changes in Owner's Equity
For the Year Ended December 31, 2016

Ren, Capital, Beginning ₱ 280,000.00


Add: Additional Investment ₱ 22,200.00
Net Income 407,800.00 430,000.00
Total ₱ 710,000.00
Less: Drawings 48,000.00
Ren, Capital, End ₱ 662,000.00
Ren Ren Merchandising
Statement of Financial Position
As of December 31, 2016

Assets Note
Current Assets
Cash 5 ₱ 200,000.00
Trades and Other Receivables 6 177,000.00
Prepaid Expense 7 8,000.00
Total Current Assets ₱ 385,000.00
Non-Current Assets
Property, Plant, and Equipment 8 1,200,000.00
Total Assets ₱ 1,585,000.00
Ren Ren Merchandising
Statement of Financial Position
As of December 31, 2016

Liabilities & Owner's Equity Note


Current Liabilities
Trade and Other Payables 9 ₱ 60,000.00
Mortgage Payable ₱ 700,000.00
Loan Payable 80,000.00
Total Non-Current Liabilities 780,000.00
Total Liabilities ₱ 840,000.00
Owner's Equity
Ren, Capital 745,000.00
Total Liabilities & Capital ₱ 1,585,000.00
Ren Ren Merchandising
Statement of Financial Position
As of December 31, 2016

Note 6 - Trades and Other Receivables


Accounts Rece₱ 100,000.00
Less: Allowan 5,000.00 ₱ 95,000.00
Notes Receivable 40,000.00
Interest Receivable 12,000.00
Advances to Employees 20,000.00
Accrued Income 10,000.00
Total ₱ 177,000.00

Note 7 - Prepaid Expenses


Supplies ₱ 1,000.00
Prepaid Rent 7,000.00
Total ₱ 8,000.00

Note 8 - PPE
Land ₱ 400,000.00
Building ₱ 700,000.00
Less: Accumulat 50,000.00 650,000.00
Equipment ₱ 100,000.00
Less: Accumula 30,000.00 70,000.00
Furniture & Fixtures 80,000.00
Total ₱ 1,200,000.00

Note 9 - Trade and Other Payables


Accounts Payable ₱ 30,000.00
Notes Payable 20,000.00
Accrued Expenses 10,000.00
Total ₱ 60,000.00

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