Answer to Question #247280 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

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