Buquest Merchandising

Statement of Financial Position

As of December 31, 2019

Assets
Current Assets
Cash ₱814,400
Accounts Receivable 141,400
Allowance for Doubtful Accounts -11,400 130,000
Notes Receivable 320,000
Accrued Income 18,000
Merchandise Inventory 1,916,000
Prepaid Insurance 264,000
Prepaid Rent 280,000
Supplies 67,840
Total Current Assets ₱3,810,240
Non-current Assets
Land 680,000
Building 1,080,000
Accumulated Depreciation-Building -578,000 502,000
Equipment 826,000
Accumulated Depreciation-Equipment -345,000 481,000
Furniture and Fixtures 20,000
Total Non-current Assets 1,683,000
Total Assets ₱5,493,240

Liabilities
Current Liabilities
Accounts Payable ₱1,000,000
Accrued Expenses 80,000
Total Current Liabilities ₱1,080,000
Non-current Liabilities
Notes Payable 627,320
Mortgage Payable 712,000
Total Non-current Liabilities 1,339,320
Total Liabilities 2,419,320
Owner's Equity
Buquest, Capital, 12/31/2019 ₱3,073,920
Total Liabilities and Owner's Equity ₱5,493,240

Buquest Merchandising
 Statement of Changes in Owner's Equity
For the year ended, December 31, 2019

Buquest, Owner's Equity, 01/01/2019 ₱3,100,620

Add: Additional Investment 227,600
Less: Net loss 167,200 60,400
Total ₱3,161,020
Less: Withdrawals 87,100
Buquest, Owner's Equity, 12/31/2019 ₱3,073,920