Fundamentals of Accounting, Business and Management
(ASSESSMENT#1 SFP)
STARLIGHT BELO COMPANY
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2019
Assets
Current Assets
Cash
P 89,000
Accounts Receivable
38,600
Interest Receivable
15,000
Merchandise Inventory
50,000
Prepaid Rent
30,000
Supplies
5,000
Total Current Assets
P 227,600
Noncurrent Assets
Equipment
P 45,000
Accumulated Depreciation - Equipment
(3,000)
Furnitures and Fixtures
30,000
Total Noncurrent Assets
P 72,000
Total Assets
P 299,600
Liabilities
Current Liabilities
Accounts Payable
P 22,000
Taxes Payable
8,000
Salaries Payable
30,000
Total Current Liabilities
P 60,000
Noncurrent Liabilities
Mortgage Payable
P 110,000
Loan Payable
70,000
Total Noncurrent Liabilities
P 180,000
Total Liabilities
P 240 000
Owner’s Equity
S. Belo, Capital
P59,600
Total Owner’s Equity
P 59,600
Total Liabilities and Owner’s Equity
P 299 600
SONNY TRADING
STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2018
Assets
Current Assets
Cash
P 17,500
Accounts Receivable
6,000
Notes Receivable
5,000
Merchandise Inventory
16,500
Prepaid Insurance
1,000
Total Current Assets
P 46,000
Noncurrent Assets
Equipment
P 55,500
Accumulated Depreciation - Equipment
(4,800)
Furniture & Fixtures
52,000
Accumulated Depreciation – Furniture and
Fixtures
4,500
Total Noncurrent Assets
P 98,200
Total Assets
P 144,200
Liabilities and Owner’s Equity
Current Liabilities
Accounts Payable
P 10,000
Utilities Payable
4,200
Total Current Liabilities
P 14,200
Noncurrent Liabilities
Loans Payable (2yrs)
P 80,000
Total Noncurrent Liabilities P 80,000
Total Liabilities
P94,200
Owner’s Equity
Sonny, Capital
P 50,000
Total Owner’s Equity
P 50,000
Total Liabilities and
Owner’s Equity
P 144,200