Statement of Financial Position

Leader:
Roldan, Juan Miguel S.

Members: Diaz, Mae Chit

Villones, Dencel
Altijar,Michaell
Banaag, Princess Dinah
Ornilla, Shaira Mae
Montero, Troy

Date: May 06, 2023

Activity Details

Background

Overview of Amihan Company's Statement of Financial Position

Objective and Scope

Prepare a classified Statement of Financial Position for Amihan Company as of December

31, 20A5.

The owner’s capital has a beginning balance of Php500,545. The owner gave Php100,000
as an additional contribution during the year. Based on the Statement of Comprehensive
Income, net income for the year was Php120,445. How much money did the owner
withdrew from the business?
 Amihan Company
Statement of Financial Position
As of December 31, 20A5
Current Assets
Accounts Receivable ₱56,000.00
Cash ₱77,000.00
Notes Receivable ₱244,000.00
Prepaid Expense ₱56,700.00
Inventory ₱157,840.00
Total Current Assets ₱591,540.00

Non-Current Assets
Property, Plant and Equipment ₱750,000.00
Less: Accumulated Depreciation -₱100,000.00
Total Property, Plant and
Equipment ₱650,000.00
Intangible Assets ₱124,500.00

Total Non-Current Assets ₱774,500.00

Total Assets ₱1,366,040.00

Current Liabilities
Notes Payable ₱120,000.00
Accounts Payable ₱65,000.00
Unearned Income ₱15,345.00
Accrued Expense ₱37,890.00

Total Current Liabilities ₱238,235.00

Non-Current Liabilities
Long-Term Payable ₱500,000.00

Total Non-Current Liabilities ₱500,000.00

Total Liabilities ₱738,235.00

Equity
Owner's Capital ₱627,805.00
Total Equity ₱627,805.00
Total Liabilities and Equity ₱1,366,040.00

Question: The owner’s capital has a beginning balance of Php500,545. The owner gave
Php100,000 as an additional contribution during the year. Based on the Statement of
Comprehensive Income, net income for the year was Php120,445. How much money did the
owner withdrew from the business?

- To determine how much money did the owner withdrew from the business, we should check what are
the given values in the problem.

The Possible given values are:

Beginning Balance = 500,545
Ending Balance = 600,545
Additional Contribution/Investment - 100,000
Net Income = 120,445

The Formula we can use is

Withdrawals = (Ending Balance – Beginning Balance – Additional Contribution – Net Income)

= 600,545 – 500,545 – 100,000 – 120,445

Withdrawals = -120,445

Therefore, it’s concluded that Amihan Company withdrew a money totaling of 120,445 from the business