Answer to Question #245294 in Accounting for samantha

Question

The Envious Company owned by Steph Presented below are the items to be consolidated for the immediate preparation of the Statement Of Financial Position, for the year 2020.

Cash ₱ 1,000,000 

Accounts Receivable       480,000 

Inventory   2,500,000 

Financial asset at fair value   1,250,000 

Equipment and furniture   3,200,000 

Accumulated Depreciation     450,000 

Patent     200,000 

Equipment held for sale     400,000 

 

Accounts Payable, Owner’s Capital, and Comprehensive Income share a ratio of 10:20:30 respectively. 

a. Prepare the SFP using the ACCOUNT FORM 

b. Prepare the SFP using the REPORT FORM

Answer 1

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