Exercises: STATEMENT OF FINANCIAL POSITION

Case 1 AGATHA TRADING

Below are the accounts of Agatha Trading for the year ended December 31, 2015
Accounts Payable 100,000
Accounts Receivable 140,000
Capital 1,840,000
Cash 1,000,000
Inventories 450,000
Long-Term Debt 300,000
Notes Payable 100,000
Notes Receivable 100,000
Property and Equipment 550,000
Supplies and other Prepayments 100,000
INSTRUCTIONS: Prepare a statement of Financial position and label it's parts.
After which, answer the following questions:
1. How much is the total current asset of the entity? P 1,790,000
2. How much is the total non-current asset of the entityP 550,000
3. How much is the total current liability of the entity? P 200,000
4. How much is the total non-current liability of the enti P 300,000
5. How much is the total assets of the entity? P 2,340,000

See the incomplete statement on the right, try to fill it up to get the answers.
 AGATHA TRADING
Statement of Financial Position
December 31, 2015

ASSETS
Current Assets
Cash P 1,000,000
Accounts Receivable 140,000
Notes Receivable 100,000
Inventories 450,000
Supplies and other Prepayments 100,000
Total Current Assets P 1,790,000
Non-Current Assets
Property and Equipment 550,000
Total Non-Current Assets P 550,000
TOTAL ASSETS P 2,340,000

LIABILITIES & OWNER'S EQUITY

Current Liabilities
Accounts Payable
Notes Payable
Total Current Liabilities
Non-Current Liabilities
Long-Term debt
Total Non-Current Liabilities
P 100,000
100,000
P 200,000
300,000
P 300,000

Owner's Equity
Agatha, Capital 1,840,000
TOTAL LIABILITIES & OWNER'S EQUITYP 2,340,000
Case 2 BENEDICT SERVICES
Below are the accounts of Benedict Services for the year ended December 31, 2015
Accounts Payable 50,000
Accounts Receivable 70,000
Capital 920,000
Cash 500,000
Inventories 225,000
Long-Term Debt 150,000
Notes Payable 50,000
Notes Receivable 50,000
Property and Equipment 275,000
Supplies and other Prepayments 50,000
INSTRUCTIONS: Prepare a statement of Financial position and label it's parts.
After which, answer the following questions:
1. How much is the total current asset of the entity? P 895,000
2. How much is the total non-current asset of the entityP 275,000
3. How much is the total current liability of the entity? P 100,000
4. How much is the total non-current liability of the enti P 150,000
5. How much is the total assets of the entity? P 1,170,000
 BENEDICT SERVICES
Statement of Financial Position
December 31, 2015

ASSETS
Current Assets
Cash P 500,000
Acounts Receivable 70,000
Notes Receivable 50,000
Inventories 225,000
Supplies and othe Prepayments 50,000
Total Current Assets P 895,000
Non-Current Assets
Property and Equipment 275,000
Total Non-Current Assets P 275,000
TOTAL ASSETS P 1,170,000

LIABILITIES & OWNER'S EQUITY

Current Liabilities
Accounts Payable
Notes Payable
Total Current Liabilities
Non-Current Liabilities
Long-Term Debt
Total Non-Current Liabilities
P 50,000
50,000
P 100,000
150,000
P 150,000

Owner's Equity
Benedict, Capital 920,000
TOTAL LIABILITIES & OWNER's EQUITYP 1,170,000
Case 3 CATHERINE MANUFACTURING
Below are the accounts of Catherine Manufacturing for the year ended
December 31, 2015
Accounts Payable 200,000
Accounts Receivable 280,000
Capital 3,680,000
Cash 2,000,000
Inventories 900,000
Long-Term Debt 600,000
Notes Payable 200,000
Notes Receivable 200,000
Property and Equipment 1,100,000
Supplies and other Prepayments 200,000
INSTRUCTIONS: Prepare a statement of Financial position and label it's parts.
After which, answer the following questions:
1. How much is the total current asset of the entity? P 3,580,000
2. How much is the total non-current asset of the entityP 1,100,000
3. How much is the total current liability of the entity? P 400,000
4. How much is the total non-current liability of the enti P 600,000
5. How much is the total assets of the entity? P 4,680,000
 CATHERINE MANUFACTURING
Statememnt of Financial Postion
December 31, 2015

ASSETS
Current Assets
Cash P 2,000,000
Accounts Receivable 280,000
Notes Receivable 200,000
Inventories 900,000
Supplies and other Prepayments 200,000
Total Current Assets P 3,580,000
Non-Current Assets
Property and Equipment 1,100,000
Total Non-Current Assets P 1,100,000
TOTAL ASSETS P 4,680,000

LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Accounts Payable P 200,000
Notes Payable 200,000
Total Current Liabilities P 400,000
Non-Current Liabilities
Long-Term Debt 600,000
Total Non-Current Liabilities P 600,000

Owner's Equity
Catherine, Capital 3,680,000
TOTAL LIABILITIES & OWNER'S EQUITYP 4,680,000