Mind Your Own Business

Statement of Financial Position

As of December 31, 2016

Assets
Current Assets:
Cash ₱ 100,000.00
Accounts Receivable ₱ 500,000.00
Less: Allowance for Doubtful Accounts (50,000.00) 450,000.00
Accrued Income 300,000.00
Inventory 200,000.00
Prepaid Expense 50,000.00
Total Current Assets ₱ 1,100,000.00

Noncurrent Assets:
Long Term Investments ₱ 1,250,000.00
Intangible Assets 500,000.00
Property, Plant, & Equipment Cost ₱ 1,000,000.00
Less: Accumulated Depreciation (300,000.00) 700,000.00
Total Noncurrent Assets 2,450,000.00
Total Assets ₱ 3,550,000.00

Liabilities
Current Liabilities:
Accounts Payable ₱ 250,000.00
Accrued Expenses 100,000.00
Unearned Income 80,000.00
Notes Payable 150,000.00
Total Current Liabilities ₱ 580,000.00

Noncurrent Liabilities:
Mortgage Payable ₱ 1,500,000.00
Loans Payable 1,000,000.00
Total Noncurrent Liabilities 2,500,000.00

Capital
Owner’s Equity 470,000.00
Total Liabilities and Owner’s Equity ₱ 3,550,000.00
Report Form:
Account Format:

Mind Your Own Business

Balance Sheet
As of December 31, 2016

Assets ₱ Liabilities & Stockholders’ Equity ₱

Current Assets: Liabilities:
Cash 85,550.00 Notes Payable 5000.00
Accounts Receivable 4,700.00 Accounts Payable 1,600.00
Prepaid Rent 1,500.00 Salaries Payable 2,000.00
Unexpired Insurance 3,600.00 Income Tax Payable 3,000.00
Supplies 250.00 Unearned Service Revenue 4,400.00
Total Current Assets: 94,600.00 Total Liabilities 16,000.00

Noncurrent Assets: Stockholder’s Equity:

Equipment ₱ 9,000.00 Capital Stock 50,000.00
A.D. – Equipment (3,600.00) 5,400.00 Retained Earnings 35,000.00 85,000.00
Total Assets 101,000.00 Total Liabilities and Equity 101,000.00