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Graduation Company: Fredmark H. Evangelista ABM 10

The document presents the statement of financial position for Graduation Company as of December 31, 20X0. It lists the company's current assets of P7,939,000 including cash, receivables, inventory, and other assets. Noncurrent assets total P20,620,690 including property and equipment, intangible assets, investments, and other noncurrent assets. Total assets are P28,559,690. Current liabilities are P2,598,440 and noncurrent liabilities are P7,750,000, for total liabilities of P10,340,440. Owner's equity is P18,211,250. The statement is presented in both report form and account form.

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Fredmark Evangelista
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507 views4 pages

Graduation Company: Fredmark H. Evangelista ABM 10

The document presents the statement of financial position for Graduation Company as of December 31, 20X0. It lists the company's current assets of P7,939,000 including cash, receivables, inventory, and other assets. Noncurrent assets total P20,620,690 including property and equipment, intangible assets, investments, and other noncurrent assets. Total assets are P28,559,690. Current liabilities are P2,598,440 and noncurrent liabilities are P7,750,000, for total liabilities of P10,340,440. Owner's equity is P18,211,250. The statement is presented in both report form and account form.

Uploaded by

Fredmark Evangelista
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Fredmark H.

Evangelista

ABM 10

Graduation company
Statement of Financial position

as at December 31, 20X0

A. Report form

ASSETS
Current assets

Cash and cash equivalent P 2,500,000


Trade and other receivable 1,865,000
Merchandise inventory 2,789,000
Office and store supplies 400,000
Prepayments and other current assets 385,000

Total Current assets 7,939,000

NONCURRENT ASSETS

Property, plant, and equipment net P 9,856,250


Intangible assets net 2,654,700
Investment in equity securities 3,650,400
Investment in associate 1,890,600
Investment property 1,968,740
Other noncurrent assets 600,000

Total noncurrent assets 20,620,690

TOTAL ASSETS P 28,559,690


LIABILITIES AND EQUITY
Current liabilities

Trade and other payables P 1,562,890


Short-term notes payable 320,000
Current income tax payable 589,660
Accruals and other current liabilities 125,890

Total current liabilities 2,598,440

NONCURRENT LIABILITIES

Bonds payable P 5,000,000


Long-term notes payable 2,000,000
Other noncurrent liabilities 750,000

Total noncurrent liabilities 7,750,000


Total liabilities 10,340,440

EQUITY

Owner’s Equity 18,211,250

TOTAL LIABILITIES AND EQUITY P 28,559,690


B. Account form

ASSETS LIABILITIES AND EQUITY


Current assets Current liabilities

Cash and cash equivalent P 2,500,000 Trade and other payables P 1,562,890
Trade and other receivable 1,865,000 Short-term notes payable 320,000
Merchandise inventory 2,789,000 Current income tax payable 589,660
Office and store supplies 400,000 Accruals and other current liabilities 125,890
Prepayments and other current assets 385,000

Total current liabilities 2,598,440


Total Current assets 7,939,000

NONCURRENT LIABILITIES
NONCURRENT ASSETS

Bonds payable P 5,000,000


Property, plant, and equipment net P 9,856,250 Long-term notes payable 2,000,000
Intangible assets net 2,654,700 Other noncurrent liabilities 750,000
Investment in equity securities 3,650,400

Investment in associate 1,890,600 Total noncurrent liabilities 7,750,000


Investment property 1,968,740 Total liabilities 10,340,440
Other noncurrent assets 600,000

EQUITY
Total noncurrent assets 20,620,690 Owner’s Equity 18,211,250

TOTAL ASSETS P 28,559,690 TOTAL LIABILITIES AND EQUITY P 28,559,690

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