Fundamentals of Accounting,

Business and Management 2

Activity 4
Izzy Merchandising

TOLENTINO, Mary DJazel A.

ABM 12 -2
 Izzy Merchandising
Statement of Financial Position
December 31, 2019

Assets
Current Assets:
Cash and cash equivalents (Note 1) ₱ 1 8 3 0 0 0 0 00
Trading securities 9 0 0 0 0 0 00
Trade and other receivables (Note 2) 2 8 5 0 0 0 0 00
Inventories 8 0 0 0 0 0 00
Prepaid expenses (Note 3) 1 2 0 0 0 0 00
Advances to employees 2 0 0 0 0 0 00
Total current assets ₱ 6 7 0 0 0 0 0 00

Non-current Assets:
Property, plant, and equipment (Note 4) ₱ 3 5 0 0 0 0 0 00
Long-term investments 1 5 0 0 0 0 0 00
Patent 3 0 0 0 0 0 00
Total non-current assets ₱ 5 3 0 0 0 0 0 00
Total Assets ₱ 12 0 0 0 0 0 0 00

Liabilities and Owner's Equity

Current Liabilities:
Trade and other payables (Note 5) ₱ 1 5 5 0 0 0 0 00

Non-current Liabilities:
Bonds payable 4 0 0 0 0 0 0 00
Total Liabilities ₱ 5 5 5 0 0 0 0 00

Owner's Equity:
Izzy, capital (Note 6) 6 4 5 0 0 0 0 00
Total Liabilities and Owner's Equity ₱ 12 0 0 0 0 0 0 00

Note 1 - Cash and cash equivalents

Cash in bank ₱ 1 8 0 0 0 0 0 00
Petty cash fund 3 0 0 0 0 00
Total cash and cash equivalents ₱ 1 8 3 0 0 0 0 00

Note 2 - Trade and other receivables

Accounts receivable ₱ 2 1 0 0 0 0 0 00
Allowance for doubtful accounts ( 2 5 0 0 0 0 00 ) ₱ 1 8 5 0 0 0 0 00
Notes receivable 1 0 0 0 0 0 0 00
Total trade and other receivables ₱ 2 8 5 0 0 0 0 00

Note 3 - Prepaid expenses

Office supplies ₱ 5 0 0 0 0 00
Prepaid advertising 7 0 0 0 0 00
Total prepaid expenses ₱ 1 2 0 0 0 0 00

Note 4 - Property, plant, and equipment

Property, plant, and equipment ₱ 5 0 0 0 0 0 0 00
Accumulated depreciation ( 1 5 0 0 0 0 0 00 )
Total property, plant, and equipment ₱ 3 5 0 0 0 0 0 00
 Izzy Merchandising
Statement of Financial Position
December 31, 2019

Note 5 - Trade and other payables

Accounts payable ₱ 1 2 0 0 0 0 0 00
Accrued expenses 3 5 0 0 0 0 00
Total trade and other payables ₱ 1 5 5 0 0 0 0 00

Note 6 - Owner's equity

Izzy, capital ₱ 7 3 0 0 0 0 0 00
Izzy, drawing ( 8 5 0 0 0 0 00 )
Total owner's equity ₱ 6 4 5 0 0 0 0 00