Answer to Question #245181 in Accounting for samantha

Question

STATEMENT OF FINANCIAL POSITION  

PRACTICE SET 5 

 

1. The Creep Company has the following accounts in year-end 2020.  
2. Kindly prepare the SFP in both report and account forms. 

 

 

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 ?

Answer 1

Solution:

The SFP in both the account form and report has been prepared as follows: