Answer to Question #245190 in Accounting for samantha

Question

STATEMENT OF FINANCIAL POSITION  

PRACTICE SET 2 

 

1. The Jeremiah Company has the following accounts in year-end 2020.  
2. Kindly prepare the SFP in report form. 

 

Unearned Revenue ₱ 1,000,000 

Revenues, at gross      340,000 

Payables, short-term                                     285,000 

Owner’s Withdrawals      320,900 

Long-term portion of bonds payable    ? 

Cash and cash equivalent   4,219,000 

Intangible assets      890,000 

Gross value of expenses      112,000 

Owner’s Capital   2,130,000 

 

 

Answer 1

Jeremiah Company

Statement of Financial Position

For the year ended 2020

Assets

Current Assets

Cash and cash equivalent = 4,219,000 

Long-term Assets

Intangible assets  =   890,000

Total Assets = ₱ 5,109,000

Liabilities

Current Liabilities

Unearned Revenue = ₱ 1,000,000

Payables, short-term                            = ₱ 285,000 

Long-term Liabilities

Long-term portion of bonds payable =₱ 1,373,100

Total Liabilities = ₱ 2,658,100

Owner's Equity

Owner’s Withdrawals =₱ 320,900

Owner’s Capital  =₱ 2,130,000

Owner's Equity =₱ 2,450,900

Total Liabilities + Owner's Equity = ₱ 2,658,100 + ₱ 2,450,900 = ₱ 5,109,000