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    Josh Trading's statement of financial position as of December 31, 2023 shows total assets of P650,000 consisting of current assets of P480,000 including P220,000 of accounts receivable and P80,000 of inventory, and noncurrent assets of P170,000 including P220,000 of office equipment less accumulated depreciation. Total liabilities are P300,000 consisting of current liabilities of P300,000 including P100,000 of accounts payable and P200,000 of notes payable. Owner's equity is P350,000 including initial capital of P200,000 and net income of P200,000 less withdrawals of P50,000.

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    00002TRADING (2)

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    Josh Trading's statement of financial position as of December 31, 2023 shows total assets of P650,000 consisting of current assets of P480,000 including P220,000 of accounts receivable and P80,000 of inventory, and noncurrent assets of P170,000 including P220,000 of office equipment less accumulated depreciation. Total liabilities are P300,000 consisting of current liabilities of P300,000 including P100,000 of accounts payable and P200,000 of notes payable. Owner's equity is P350,000 including initial capital of P200,000 and net income of P200,000 less withdrawals of P50,000.

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    © All Rights Reserved
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    6 views3 pages

    00002TRADING

    Uploaded by

    kylecantallopez
    Josh Trading's statement of financial position as of December 31, 2023 shows total assets of P650,000 consisting of current assets of P480,000 including P220,000 of accounts receivable and P80,000 of inventory, and noncurrent assets of P170,000 including P220,000 of office equipment less accumulated depreciation. Total liabilities are P300,000 consisting of current liabilities of P300,000 including P100,000 of accounts payable and P200,000 of notes payable. Owner's equity is P350,000 including initial capital of P200,000 and net income of P200,000 less withdrawals of P50,000.

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    of 3

    JOSH TRADING

    STATEMENT OF FINANCIAL POSITION


    AS OF DECEMBER 31, 2023

    ASSETS LIABILITIES AND OWNER’S EQUITY


    Current Assets Current Liabilities
    Purchase Returns and Allowances (P 2,000) Accounts Payable P 100,000
    Sales P 1,050,000 Notes Payable P 200,000
    Sales Returns and Allowances (P 11,000) Total Current Liabilities P 300,000
    Selling Expenses (P 190,000)
    Merchandise Inventory, P 80,000 TOTAL LIABILITIES P 300,000
    December 31, 2019
    Account Receivable P 220,000 Owner’s Equity
    Cash (P 50,000) Josh, Capital, P 200,000
    Prepaid Rent (P 100,000) Jan. 1, 2019
    Sales Discounts (P 29,000) Net Income from P 200,000
    Purchases (P 400,000) Operation
    Transportation-In (P 10,000) Withdrawal (P 50,000)
    General Administrative (P 200,000)
    Total Owner’s Equity P 350,000
    Office Supplies (P 30,000)
    Purchase Discounts (P 8,000)
    TOTAL LIABILITIES P650,000
    Total Current Assets P 480,000
    AND OWNER’S EQUITY
    Noncurrent Assets
    Office Equipment P 220,000
    Accumulated Depreciation (P50,000)
    Total Noncurrent Asset P 170,000

    TOTAL ASSETS P 650,000


    JOSH TRADING
    STATEMENT OF FINANCIAL POSITION
    AS OF DECEMBER 31, 2023

    ASSETS
    Current Assets
    Purchase Returns and Allowances (P 2,000)

    Sales P 1,050,000
    Sales Returns and Allowances (P11,000)
    Selling Expenses (P 190,000)
    Merchandise Inventory, P80,000
    December 31, 2019
    Account Receivable P 220,000
    Cash (P 50,000)

    Prepaid Rent (P 100,000)


    Sales Discounts (P 29,000)
    Purchases (P 400,000)
    Transportation-In (P 10,000)
    General Administrative (P200,000)
    Office Supplies (P30,000)
    Purchase Discounts (P 8,000)

    Total Current Assets P 480,000

    Noncurrent Assets
    Office Equipment P 220,000
    Accumulated Depreciation (P50,000)
    Total Noncurrent Asset P 170,000

    TOTAL ASSETS P 650,000


    JOSH TRADING
    STATEMENT OF FINANCIAL POSITION
    AS OF DECEMBER 31, 2023

    LIABILITIES AND OWNER’S EQUITY


    Current Liabilities
    Accounts Payable P 100,000
    Notes Payable P 200,000
    Total Current Liabilities P 300,000

    TOTAL LIABILITIES P 300,000

    Owner’s Equity
    Josh, Capital, P 200,000
    Jan. 1, 2019
    Net Income from P 200,000
    Operation
    Withdrawal (P 50,000)

    Total Owner’s Equity P 350,000

    TOTAL LIABILITIES P650,000


    AND OWNER’S EQUITY

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