You were hired by Miss Sandy Santiago to prepare her sari-sari store’s Statement of Financial Position.

In order to
liabilities of Ms. Sandy Santiago:
for, 2019

a. Her sari-sari store has cash deposited in a bank account amounting to P50,000
b.       Aside from the cash in bank, her store also had a cash on hand worth, P25,000
c.       Her sari-sari store had a lot of uncollected sales from customers amounting to P75,000 by which
P5,000 of it is considered cannot be collected anymore.
d.       The store also had a notes receivable from its customers amounting to, P 15,000.
e.       The total amount of merchandise left inside the store is P30,000
f.        She already paid one year’s rent in advance amounting to P12,000
g.       On the same month, she bought some supplies worth, P3,000.
h.       The value of all the company’s furniture amounted to P100,000, and it has an
accumulated depreciation of P5,000.
i.         She bought merchandise from his supplier amounting to P55,000 and the supplier agreed that paym
j.         she also issued a written promise to pay P25,000 on another supplier.
k.       Salaries payable for her one employee totaled P15,000.
l.         The sari-sari store had outstanding liabilities to utility companies amounting to P8,000
m.     He had a loan from the bank amounting to P50,000 to be paid in 3 years

Guide Questions:
1)      How much is the Total Current Assets?
2)      How much is the Total Non-Current Assets?
3)      How much is the Total Current Liabilities?
4)      How much is the Total Non-Current Liabilities?
5)      How much is the Owner’s Equity?
type of element current or non- account titles
current

Asset Current Cash in bank

Asset Current Cash on hand
Asset Current Accounts Receivable
Contra-Asset Current Allowance for Doubtful Accounts
Asset Current Notes Receivable
Asset Current Merchandise Inventory
Asset Current Prepaid Rent
Asset Current Supplies on Hand
Asset Non-current Furnitures and Fixtures
Contra-Asset Non-current Accumulated Depreciation
Liability Current Accounts Payable
Liability Current Notes Payable
Liability Current Salaries Payable
Liability Current Utilities Payable
Liability Non-current Loans Payable
 Cash

Trade and Other Receivables

Prepaid Expenses

Property, Plant and Equipment

Trade and Other Payables

 Santiago's Sari-sari Store
Statement of Financial Position
As of December 31, 2019

Assets
Current Assets
Cash P 75,000
Accounts Receivable 75,000
Less: Allowance for Doubtful accounts (5,000) 70,000
Notes Receivable 15,000
Merchandise Inventory 30,000
Suppplies on hand 3,000
Prepaid rent 12,000
Total Current Assets P 205, 000

Non-current Assets
Furniture and Fixtures 100,000
Less: Accumulated Depreciation (5,000)
Total Non-current Asset 95,000

Total Assets P 300,000

ntiago's Sari-sari Store
ment of Financial Position
of December 31, 2019

Liabilities and Owner's Equity

Current Liabilities
Accounts Payable P 55000
Notes payable 25,000
Salaries Payable 15,000
Utilities Payable 8,000
Total Current Liabilities P 103000

Non-current Liability
Loans Payable 50,000

Total Liabilties P 153,000

Owner's Equity
Santiago's Capital 147,000
Total Liabilities and Owner's Equity P 300,000
 Santiago's Sari-sari Store
Statement of Financial Position
As of December 31, 2019

Assets Note Liabilities and Owne

Current Assets
Cash 1 P 75,000
Trade and Other Receivables 2 85,000
Merchandise Inventory 30,000
Prepaid Expenses 3 15,000
Total Current Assets P 205, 000

Non-current Assets
Property, Plant and Equipment 4 95,000

Total Assets P 300,000 Total Liabilities and O

Notes

Note 1 - Cash Note 5 - Trade and O

Cash in bank P 50,000
Cash on hand 25,000
Total Cash P 75,000

Total Trade and Othe

Note 2 - Trade and Other Receivables
Accounts Receivable P 75,000
Less: Allowance for Doubtful accounts (5, 000)
Notes Receivable 15, 000
Total Trade and Other Receivables P 85,000

Note 3 - Prepaid Expenses

Prepaid Rent P 12, 000
Suppplies on hand 3, 000
Total Prepaid Expenses P 15,000

Note 4 - Property, Plant and Equipment

Furniture and Fixtures P 100,000
Less: Accumulated Depreciation (5,000)
Total Property , Plant and Equipment P 95, 000
s Sari-sari Store
f Financial Position
ember 31, 2019

Liabilities and Owner's Equity

Current Liabilities Note
Trade and Other Payables 5
P 103000
Non-current Liability
Loans Payable 50,000

Total Liabilties P 153,000

Owner's Equity
Santiago's Capital 147,000
Total Liabilities and Owner's Equity P 300,000

Note 5 - Trade and Other Payables

Accounts Payable P 55,000
Notes payable 25,000
Salaries Payable 15,000
Utilities Payable 8,000
Total Trade and Other Payables P 103,000