PERFROMANCE TASK #1: STATEMENT OF FINANCIAL POSITION

Instruction: Solve the following exercises and problems. Prepare a Statement of Financial
Position for a single proprietorship with proper classification of accounts as current and
noncurrent using the report form and the account form.

You are the Accounting Staff (Junior Accountant and Senior Accountant) of an Auditing
Firm and your task is to prepare a PROPERLY CLASSIFIED Statement of Financial Position
(report form and account form) for Tres Marias Auditing Company using the following
account balances provided on October 31, 2023 to be presented on November 4 to your
Chief Accountant.

CA-Current Asset; NCA-Noncurrent Asset; CL-Current Liabilities;

NCL-Noncurrent Liabilities; OE-Owner’s Equity; Contra-asset account

_____Accrued Expenses 20 000

_____Accrued Income 15 000
_____Notes Payable (2 yrs) 30 000 (6 000 current portion)

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PETA 1: Scoring Rubric
CRITERION 15 13 11-10

Classification ALL of the classifications 19-21 accounts are 18 accounts

of Accounts of accounts are properly correctly classified. below are
classified. properly
classified.

Report Form The Statement of The Statement of The Statement of

Financial Position is Financial Position is Financial
properly presented and partially properly Position is
complete in terms of presented and/or improperly
header and proper incomplete in terms of presented
presentation in report header and proper and/or
form. presentation in report incomplete in
form. terms of header
and proper
presentation in
report form.

Account The Statement of The Statement of The Statement of

Form Financial Position is Financial Position is Financial
properly presented and partially properly Position is
complete in terms of presented and/or improperly
header and proper incomplete in terms of presented
presentation in account header and proper and/or
form. presentation in account incomplete in
form. terms of header
and proper
presentation in
account form.

PEER RATING RUBRIC:

CRITERIA 5 4 3-2
WILLINGNESS TO DO Always present and Mostly present and
More than three
THE TASK ASSIGNED participate in group participate in group
absences and does not
discussion and group discussion and group
participate in group
creation of creation of
discussion and group
performance tasks. performance tasks.
creation of
performance tasks.
IDEAS Always makes a Mostly makes a Sometimes give ideas
CONTRIBUTED positive and relevant positive and relevant but not relevant to the
feedback in giving feedback in giving group.
ideas. ideas.
TOTAL (10)
TOTAL SCORE: 55