Group 1

Statement of Financial Position

As of the year ended December 31, 2021
ASSETS
Current Assets ₱
Cash 420,000.00
Accounts Receivable 500,000.00
Allowance for Doubtful Accounts - 50,000.00
Claim Receivables 20,000.00
Notes Receivable 150,000.00
Factory Supplies 50,000.00
Prepaid Insurance 20,000.00
Raw Materials Inventory 200,000.00
Goods In Process Inventory 600,000.00
Finished Goods Inventory 400,000.00
Trading Securities 250,000.00
Total Current Assets 2,560,000.00
Non-Current Assets
Land 1,500,000.00
Machinery 2,000,000.00
Accumulated Depreciation — Machinery - 1,300,000.00
Building 4,000,000.00
Accumulated Depreciation — Building - 1,600,000.00
Franchise 200,000.00
Tools 40,000.00
Goodwill 100,000.00
Investment in Bonds 1,500,000.00
Plant expansion fund 500,000.00
Total Non-Current Asset 6,940,000.00
TOTAL ASSETS 9,500,000.00
LIABILITIES
Current Liabilities
Employees income tax payable 20,000.00
Notes Payable 100,000.00
Accrued Expenses 30,000.00
Accrued Interest on Notes Payable 10,000.00
Income Tax Payable 60,000.00
Advances From Customers 100,000.00
Accounts Payable 300,000.00
Serial bonds payable (P500,000 due every July 1 of each year) 2,500,000.00
Total Current Liabilities 3,120,000.00
OWNER'S EQUITY
Share Capital 5,000,000.00
Share Capital 500,000.00
Retained Earnings 880,000.00
 Total Owner's Equity 6,380,000.00
TOTAL LIABILITIES AND OWNER'S EQUITY 9,500,000.00