Accounting Answers

Which of the following is not an example of an intangible asset.

a)Goodwill

b)computer software

c)patents and trade marks

d)computer hardware

Indicate by choosing the correct option whether the following statement is true or false:

Output VAT is the tax (charged) by the entity on goods delivered to the entity.

What will the journal entry be if an entity buys inventory on credit when the periodic inventory system is in use (Ignore any VAT implications)?

1. The Creep Company has the following accounts in year-end 2020.  
2. Kindly prepare the Statement of financial position on the following

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 ? 

 a. Statement of financial position ACCOUNT FORMS

b.  Statement of financial position  REPORT FORMS.

1. The Creep Company has the following accounts in year-end 2020.  
2. Kindly prepare the Statement of financial position.

a. ACCOUNT FORMS

b. REPORT 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 ? 

1. The Creep Company has the following accounts in year-end 2020.  
2. Kindly prepare the Statement of financial position in ACCOUNT FORMS and REPORT 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 ? 

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

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            ? 

a. Prepare the SFP using the REPORT FORM 

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

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                         ? 

 a. Prepare the SFP using the ACCOUNT FORM 

b. Prepare the SFP using the REPORT FORM

 NOTE: Classify the assets and liabilities as to their current and noncurrent classification.

Presented below are the items to be consolidated for the immediate preparation of the Statement Of Financial Position, for the year 2020.

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                         ? 

a. Prepare the SFP using the ACCOUNT FORM 

b. Prepare the SFP using the REPORT FORM