Answer to Question #235177 in Accounting for samantha

Question

 Red Cards Company, which is owned by Ms. Bernales presents the different items before the preparation of the Statement of Financial Position, for the year 2020. 

Long-term portion of bonds payable ₱ 1, 800, 000 

Property, plant and equipment 6, 450, 000 

Notes Receivable 490, 000 

Comprehensive Income 5, 000, 000 

Raw materials Inventory 2, 800, 000 

Prepaid Rent Expense 440, 000 

Cash and Cash equivalent 4, 485, 000 

Owner’s Withdrawals 1, 200, 000 

Accounts Payable 3, 700, 000 

Unearned Revenue 945, 000 

Owner’s Capital 2, 850, 000 

Long-term Receivable 1, 200, 000 

Long-term Investments 900, 000 

Notes Payable 3, 670, 000

a. Prepare the SFP using the ACCOUNT FORM.

b. Prepare the SFP using the REPORT FORM.

Answer 1

Solution:

The SFP using the account form and report form are as per the below excel file: