Exercises: Statement of Financial Position Case 1 Agatha Trading
Exercises: Statement of Financial Position Case 1 Agatha Trading
Exercises: Statement of Financial Position Case 1 Agatha Trading
See the incomplete statement on the right, try to fill it up to get the answers.
AGATHA TRADING
Statement of Financial Position
December 31, 2015
ASSETS
Current Assets
Cash P 1,000,000
Accounts Receivable 140,000
Notes Receivable 100,000
Inventories 450,000
Supplies and other Prepayments 100,000
Total Current Assets P 1,790,000
Non-Current Assets
Property and Equipment 550,000
Total Non-Current Assets P 550,000
TOTAL ASSETS P 2,340,000
Owner's Equity
Agatha, Capital 1,840,000
TOTAL LIABILITIES & OWNER'S EQUITYP 2,340,000
Case 2 BENEDICT SERVICES
Below are the accounts of Benedict Services for the year ended December 31, 2015
Accounts Payable 50,000
Accounts Receivable 70,000
Capital 920,000
Cash 500,000
Inventories 225,000
Long-Term Debt 150,000
Notes Payable 50,000
Notes Receivable 50,000
Property and Equipment 275,000
Supplies and other Prepayments 50,000
INSTRUCTIONS: Prepare a statement of Financial position and label it's parts.
After which, answer the following questions:
1. How much is the total current asset of the entity? P 895,000
2. How much is the total non-current asset of the entityP 275,000
3. How much is the total current liability of the entity? P 100,000
4. How much is the total non-current liability of the enti P 150,000
5. How much is the total assets of the entity? P 1,170,000
BENEDICT SERVICES
Statement of Financial Position
December 31, 2015
ASSETS
Current Assets
Cash P 500,000
Acounts Receivable 70,000
Notes Receivable 50,000
Inventories 225,000
Supplies and othe Prepayments 50,000
Total Current Assets P 895,000
Non-Current Assets
Property and Equipment 275,000
Total Non-Current Assets P 275,000
TOTAL ASSETS P 1,170,000
Owner's Equity
Benedict, Capital 920,000
TOTAL LIABILITIES & OWNER's EQUITYP 1,170,000
Case 3 CATHERINE MANUFACTURING
Below are the accounts of Catherine Manufacturing for the year ended
December 31, 2015
Accounts Payable 200,000
Accounts Receivable 280,000
Capital 3,680,000
Cash 2,000,000
Inventories 900,000
Long-Term Debt 600,000
Notes Payable 200,000
Notes Receivable 200,000
Property and Equipment 1,100,000
Supplies and other Prepayments 200,000
INSTRUCTIONS: Prepare a statement of Financial position and label it's parts.
After which, answer the following questions:
1. How much is the total current asset of the entity? P 3,580,000
2. How much is the total non-current asset of the entityP 1,100,000
3. How much is the total current liability of the entity? P 400,000
4. How much is the total non-current liability of the enti P 600,000
5. How much is the total assets of the entity? P 4,680,000
CATHERINE MANUFACTURING
Statememnt of Financial Postion
December 31, 2015
ASSETS
Current Assets
Cash P 2,000,000
Accounts Receivable 280,000
Notes Receivable 200,000
Inventories 900,000
Supplies and other Prepayments 200,000
Total Current Assets P 3,580,000
Non-Current Assets
Property and Equipment 1,100,000
Total Non-Current Assets P 1,100,000
TOTAL ASSETS P 4,680,000
Owner's Equity
Catherine, Capital 3,680,000
TOTAL LIABILITIES & OWNER'S EQUITYP 4,680,000