Answer to Question #245250 in Accounting for nicole

Question

Presented below are the items to be consolidated for the immediate preparation of the Statement Of Financial Position, for the year 2020.

Accounts Payable     ₱ 600,000 

Unearned Revenue         1,210,000 

Salaries Payable- current 120,000 

Owner’s Withdrawals             280,000 

Owner’s Capital                         1,500,000 

Comprehensive Income 3,000,000 

Total Current Assets 80% of total liabilities 

Cash                         250,000 

Inventories           480,000 

Prepaid Expenses 600,000

 Property, Plant and Equipment       ? 

Accounts Receivable                         ? 

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: