Althea Geronimo Unit I Lesson 1 Statement of Financial Position

Lesson‌‌‌Topic:‌‌S
‌ TATEMENT‌‌‌OF‌‌‌FINANCIAL‌‌‌POSITION
Name:‌Althea‌P.‌Geronimo Date:‌09-03-20
Student‌Number:19-20-0203 Time:‌7:00‌p.m
Instructions:‌For‌numbers‌1-4,‌show‌all‌computations‌and‌enclose‌in‌a‌box‌the‌final‌answer.‌
Write‌your‌answer‌in‌pages‌1‌and‌2.‌For‌number‌5,‌prepare‌the‌statement‌of‌financial‌position‌in
good‌form‌(with‌heading)‌in‌pages‌3‌and‌4.‌
1.If‌assets‌are‌Php‌17,000‌and‌owner’s‌equity‌is‌Php‌10,000,‌liabilities‌are‌₱7,000.
SOLUTION:‌‌‌‌‌‌‌‌‌‌‌‌
‌ Assets‌=‌P17,000 ‌‌‌‌‌‌‌‌‌L=A‌-‌OE
‌‌‌‌‌‌‌‌‌‌‌‌OE‌‌=‌P10,000‌ ‌‌‌‌‌‌‌‌‌L=‌17,000‌-‌10,000
‌‌‌‌‌‌‌‌‌‌‌‌Liabilities‌=?‌
L=‌P‌7,000
2. At the end of the first month of operations for Juana’s Delivery Service, the business had
the following accounts: Accounts Receivable, Php 1,200; Prepaid Insurance, Php 500;
Equipment, Php36,200 and Cash, Php40,650. On the same date, Juana owed the following
creditors: Nena’s Supply Company, Php12,000; Maria’s Equipment, Php9,500. The current
assets for the Juana’s Delivery Service are ₱42,350 .
SOLUTION:
‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌Assets
‌‌‌‌Account‌Receivable‌‌=‌P1,200
‌‌‌‌Prepaid‌Insurance‌‌‌‌=‌P500‌
‌‌‌‌‌‌‌Cash‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌=‌P40,650‌
‌‌‌‌‌‌‌‌Current‌Asset‌‌=‌?
CA‌=‌P42,350
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3. At the end of the first month of operations for Juana’s Delivery Service, the business had
the following accounts: Accounts Receivable, Php 1,200; Prepaid Insurance, Php 500;
Equipment, Php36,200 and Cash, Php40,650. On the same date, Juana owed the following
creditors: Nena’s Supply Company, Php12,000 (due in 6 months); Maria’s Equipment,
Php9,500 (due after 2 years). Current liabilities are ‌P‌‌12,000.
‌ ‌
SOLUTION:
Since Juana owed Nena's supply company which is P12,000 that will be due in 6
months, and Maria’s equipment P9,500 and the due will be after 2 years. That’s why the
current liabilities are , because current liabilities are those who belong in 1 year or 12months.
CL‌=‌P12,000
4. If during the year total assets increase by Php75,000 and total liabilities decrease by
Php16,000, by how much did the owner's equity increase/ decrease? ₱‌91,000 increase.
SOLUTION:
Assets = Liabilities + Owners Equity
P100,000 = 70,000 + 30,000
+ 75,000 = (16,000) (-)
175,000 = 54,000 121,000
(-)
=‌P91,000
5. Prepare a Statement of Financial Position using the following accounts (one in report form
and one in account form):
· Cash - 5,000
· Loans Payable – 77,500
· Accounts Receivable – 2,600
· Supplies – 2,300
· Equipment – 17,000
· Owner’s equity – 40,000
· Accounts Payable – 22,400
· Building – 113,000
Note: Use any business name and the end of the current year for the heading
AJC Company
Statement of Financial Position
November 21,2020
Assets Liabilities
Current assets Accounts Payable P‌22,400

Cash P5,000 Loans Payable P‌77,500
‌Account Receivable 2,600 Total Liabilities P99,900‌‌‌
‌‌Supplies 2,300
Total Current Assets P9,900
Property,Plant,Equipment
Equipment 17,000 Owner’s Equity

Building 113,000 Owner’s Equity ₱‌40,000
Total non current assets : P130,000 Total Owner’s Equity : ₱40,000
Total‌Assets‌: ‌P139,900 ‌‌‌‌‌‌‌‌‌‌‌‌‌‌Total‌Liabilities‌and‌OE‌:139,900
AJC Company
Statement of Financial Position
November 21,2020
Assets
Current Assets
Cash P 5,000
Account Receivable P 2,600
Supplies P 2,300
Total Current Assets P 9,900
Non - Current Assets
Equipments P 17,000
Buildings P 113,000
Total Non Current Assets P 130,000
Liabilities
Account Payable P 22,400

Loans Payable P 77,500
Total Current Liabilities P 99,900
Owner’s Equity
Owner’s Equity P 40,000

Total Owner’s Equity P 40,000
Total Liabilities and Owner’s Equity P 139,900
‌
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Lesson‌‌‌Topic:‌‌S

Assets = Liabilities + Owners Equity

P100,000 = 70,000 + 30,000

+ 75,000 = (16,000) (-)

175,000 = 54,000 121,000

· Accounts Payable – 22,400

Current assets Accounts Payable P‌22,400

Equipment 17,000 Owner’s Equity

Total‌Assets‌: ‌P139,900 ‌‌‌‌‌‌‌‌‌‌‌‌‌‌Total‌Liabilities‌and‌OE‌:139,900

Non - Current Assets

Account Payable P 22,400

Owner’s Equity P 40,000

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