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DATE ASSETS
February Cash Art Supplies Office Supplies Equipment
5 150,000
9 (15,000) 15,000
16 (35,000) 105,000
20 6,000
22 (1,500) 1,500
25
28 (35,000)
₱ 63,500 ₱ 15,000 ₱ 1,500 ₱ 111,000

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Statement of Financial Position
as of February 28, 20_

ASSETS LIABILITIES & OWNER'S EQUIT

Current Assets Current Liabilities
Cash ₱ 63,500 Accounts Payable
Art Supplies 15,000 Notes Payable
Office Supplies 1,500 TOTAL LIABILITIES
TOTAL CURRENT ASSETS ₱ 80,000 Owner's Equity
Noncurrent Assets Kalaw, Capital
Furnitures & Fixtures 8,000 TOTAL OWNER'S EQUITY
Equipment 111,000 TOTAL LIABILITIES &OWNER'S EQUIT
TOTAL NONCURRENT ASSETS 119,000
TOTAL ASSETS ₱ 199,000

ADDITIONAL REQUIREMENT:
1. What amount did you use in recording the cash investment? What concept supports this?
- I used the amount of P 150,000. This is supported by the Business Entity Concept as it states that the business is se

2. What amount did you use in recording the fax machine? What concept supports this?
- P 6,000 was the amount used in recording the fax machine. This is supported by the Going Concern Concept and C
recorded as is because it was the price that was actually paid for the machine.

3. Prepare a statement of financial position based on the final balances.

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LIABILITIES + OWNER'S EQUITY

Furnitures&Fxtures Accounts Payable Notes Payable Kalaw, Capital
150,000

70,000
6,000

8,000 8,000
(70,000) 35,000
₱ 8,000 ₱ 14,000 ₱ 35,000 ₱ 150,000
₱ 199,000 ₱ 199,000

LITIES & OWNER'S EQUITY

iabilities
ts Payable ₱ 14,000
ayable 35,000
L LIABILITIES ₱ 49,000
Equity
Capital 150,000
L OWNER'S EQUITY 150,000
BILITIES &OWNER'S EQUITY ₱ 199,000

tes that the business is separate from its owners.

g Concern Concept and Cost Principle. Since Cely's business originally acquired the equipment for P 6,000 from Lisa, it should b
000 from Lisa, it should be