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    Page 47 Exercise 6

    Uploaded by

    Joyce Mirabueno
    Basic Accounting

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    © All Rights Reserved
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    Page 47 Exercise 6

    Uploaded by

    Joyce Mirabueno
    8 views2 pages
    Basic Accounting

    Original Title

    PAGE 47 EXERCISE 6

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    © © All Rights Reserved

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    Basic Accounting

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    8 views2 pages

    Page 47 Exercise 6

    Uploaded by

    Joyce Mirabueno
    Basic Accounting

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    PAGE 47 EXERCISE 6

    (REPORT FORM)

    MOONLIGHT CO
    STATEMENT OF FINANCIAL POSITION
    DECEMBER 31, 2017

    ASSETS Note

    Current Assets
    Cash P 89,000
    Trade And Other Receivables 1 52,000
    Merchandise Inventory 50,000
    Prepaid Expenses 2 ____ 35,000
    Total Current Assets P 226,000

    Non Current Assets


    Property, Plant, and Equipment 3 P 72,000

    Total Assets P 298,000

    LIABILITIES AND OWNER’S EQUITY

    Current Liabilities
    Trade and other Payables 4 P 103,000

    Non Current Liabilities


    Mortage Payable P 180,000
    Total Liabilities P 283,000

    Owner’s Equity
    Somer, Capital P 15,000

    Total Liabilities and Capital P 298,000


    Notes to Finacial Statements

    Note 1- Trade and other Receivables


    Accounts Receivable P 141,400
    Less: Allowance for Bad Debts 11,400 P 130,000
    Notes Receivable 320,000
    Accrued Income 18,000
    Total P 468,000

    Note 2- Prepaid Expenses


    Prepaid Insurance P 264,000
    Prepaid Rent 280,000
    Supplies 67,840
    Total P 611,840

    Note 3- Property, Plant, And Equipment


    Land P 680,000
    Building P 1,080,000
    Less: Accumulated Depreciation-Building 578,000 502,000
    Equipment P 826,000
    Less: Accumulated Depreciation-Equipment 345,000 481,000
    Furniture and Fixture 20,000
    Total P 1,683,000

    Note 4- Trade and other Payables


    Accounts Payable P 1,000,000
    Accrued Expenses 80,000
    Total P 1,080,000

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