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00002TRADING

Josh Trading's statement of financial position as of December 31, 2023 shows total assets of P650,000 consisting of current assets of P480,000 including P220,000 in accounts receivable and P80,000 in inventory, and noncurrent assets of P170,000 including P220,000 in office equipment less accumulated depreciation. Total liabilities are P300,000 consisting of current liabilities of P300,000 including P100,000 in accounts payable and P200,000 in notes payable. Owner's equity is P350,000 consisting of initial capital of P200,000, net income of P200,000, and a P50,000 withdrawal.

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93 views3 pages

00002TRADING

Josh Trading's statement of financial position as of December 31, 2023 shows total assets of P650,000 consisting of current assets of P480,000 including P220,000 in accounts receivable and P80,000 in inventory, and noncurrent assets of P170,000 including P220,000 in office equipment less accumulated depreciation. Total liabilities are P300,000 consisting of current liabilities of P300,000 including P100,000 in accounts payable and P200,000 in notes payable. Owner's equity is P350,000 consisting of initial capital of P200,000, net income of P200,000, and a P50,000 withdrawal.

Uploaded by

kylecantallopez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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JOSH TRADING

STATEMENT OF FINANCIAL POSITION


AS OF DECEMBER 31, 2023

ASSETS LIABILITIES AND OWNER’S EQUITY


Current Assets Current Liabilities
Purchase Returns and Allowances (P 2,000) Accounts Payable P 100,000
Sales P 1,050,000 Notes Payable P 200,000
Sales Returns and Allowances (P 11,000) Total Current Liabilities P 300,000
Selling Expenses (P 190,000)
Merchandise Inventory, P 80,000 TOTAL LIABILITIES P 300,000
December 31, 2019
Account Receivable P 220,000 Owner’s Equity
Cash (P 50,000) Josh, Capital, P 200,000
Prepaid Rent (P 100,000) Jan. 1, 2019
Sales Discounts (P 29,000) Net Income from P 200,000
Purchases (P 400,000) Operation
Transportation-In (P 10,000) Withdrawal (P 50,000)
General Administrative (P 200,000)
Total Owner’s Equity P 350,000
Office Supplies (P 30,000)
Purchase Discounts (P 8,000)
TOTAL LIABILITIES
Total Current Assets P 480,000
P650,000
AND OWNER’S EQUITY
Noncurrent Assets
Office Equipment P 220,000
Accumulated Depreciation (P50,000)
Total Noncurrent Asset P 170,000

TOTAL ASSETS P 650,000


JOSH TRADING
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2023

ASSETS
Current Assets
Purchase Returns and Allowances (P 2,000)

Sales P 1,050,000
Sales Returns and Allowances (P11,000)
Selling Expenses (P 190,000)
Merchandise Inventory, P80,000
December 31, 2019
Account Receivable P 220,000
Cash (P 50,000)

Prepaid Rent (P 100,000)


Sales Discounts (P 29,000)
Purchases (P 400,000)
Transportation-In (P 10,000)
General Administrative (P200,000)
Office Supplies (P30,000)
Purchase Discounts (P 8,000)

Total Current Assets P 480,000

Noncurrent Assets
Office Equipment P 220,000
Accumulated Depreciation (P50,000)
Total Noncurrent Asset P 170,000

TOTAL ASSETS P 650,000


JOSH TRADING
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2023

LIABILITIES AND OWNER’S EQUITY


Current Liabilities
Accounts Payable P 100,000
Notes Payable P 200,000
Total Current Liabilities P 300,000

TOTAL LIABILITIES P 300,000

Owner’s Equity
Josh, Capital, P 200,000
Jan. 1, 2019
Net Income from P 200,000
Operation
Withdrawal (P 50,000)

Total Owner’s Equity P 350,000

TOTAL LIABILITIES P650,000


AND OWNER’S EQUITY

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