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Assignment in CFAS

This document is a statement of financial position for Simple Company as of December 31, 2020. It lists the company's current assets at ₱2,560,000 including cash, securities, receivables, inventories, and prepaid expenses. Non-current assets total ₱6,940,000 including property, equipment, investments, and intangibles. Total assets are ₱9,500,000. Liabilities include current liabilities of ₱1,120,000 and non-current liabilities of ₱2,000,000. Shareholders' equity is made up of share capital, share premium, and retained earnings totaling ₱6,380,000

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Erika Meru
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0% found this document useful (0 votes)
52 views5 pages

Assignment in CFAS

This document is a statement of financial position for Simple Company as of December 31, 2020. It lists the company's current assets at ₱2,560,000 including cash, securities, receivables, inventories, and prepaid expenses. Non-current assets total ₱6,940,000 including property, equipment, investments, and intangibles. Total assets are ₱9,500,000. Liabilities include current liabilities of ₱1,120,000 and non-current liabilities of ₱2,000,000. Shareholders' equity is made up of share capital, share premium, and retained earnings totaling ₱6,380,000

Uploaded by

Erika Meru
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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NAME: MERU, ERIKA MARIZ M.

BSA1_B

AE100-CFAS

Page 162

Simple Company
Statement of Financial Position
31-Dec-20
   
ASSETS  
Current Assets: Note  
  Cash ₱ 420,000  
  Trading securities ₱ 250,000  
  Trade and other receivables 1 ₱ 620,000  
  Inventories 2 ₱ 1,250,000  
  Prepaid expenses 3 ₱ 20,000  
  Total Current Assents ₱ 2,560,000
Non-current Assets  
  Property, plant and equipment 4 ₱ 4,640,000  
  Long-term investments 5 ₱ 2,000,000  
  Intangible assets 6 ₱ 300,000  
  Total Non-Current Assents ₱ 6,940,000
Total Assets ₱ 9,500,000
   
LIABILITIES AND SHAREHOLDERS' EQUITY  
Current Liabilities  
  Trade and other payables 7 ₱ 620,000  
Serial bonds payable - current
  portion ₱ 500,000  
  Total Current Liabilities ₱ 1,120,000
Non-Current Liabilities  
  Serial bonds payable - remaining portion ₱ 2,000,000  
Total Liabilities ₱ 3,120,000
Shareholder's Equity  
  Share capital ₱ 5,000,000  
  Share premium ₱ 500,000  
  Retained earnings ₱ 880,000  
  Total Shareholders' Equity ₱ 6,380,000
Total Liabilities and Shareholders'
Equity ₱ 9,500,000
           
Note 1 - Trade and other receivables
Accounts Receivable ₱ 500,000
Allowance for doubtful accounts -₱ 50,000
Notes receivable ₱ 150,000
Claim receivable ₱ 20,000
Total ₱ 620,000
   
Note 2 - Inventories
Finished goods ₱ 400,000
Goods in process ₱ 600,000
Raw materials ₱ 200,000
Factory supplies ₱ 50,000
Total ₱ 1,250,000
   
Note 3 - Prepaid
expenses  
Prepaid insurance ₱ 20,000
   
Note 4 -Property, plant and equipment
  Cost Accum. Depreciation Book Value
Land ₱ 1,500,000 ₱ 1,500,000
Building ₱ 4,000,000 ₱ 1,600,000 ₱ 2,400,000
Machinery ₱ 2,000,000 ₱ 1,300,000 ₱ 700,000
Tools ₱ 40,000 ₱ 40,000
Total ₱ 7,540,000 ₱ 2,900,000 ₱ 4,640,000
   
Note 5 - Long-term Investments
Investment in bonds ₱ 1,500,000
Plant expansion fund ₱ 500,000
Total ₱ 2,000,000
   
Note 6 - Intangible Assets
Franchise ₱ 200,000
Goodwill ₱ 100,000
Total ₱ 300,000
   
Note 7 -Trade and other payables
Accounts payable ₱ 300,000
Notes payable ₱ 100,000
Income tax payable ₱ 60,000
Advances from customers ₱ 100,000
Accrued expense ₱ 30,000
Accrued interest on notes payable ₱ 10,000
Employee’s income tax payable ₱ 20,000
Total ₱ 620,000
         
Page 165

Simple Company
Statement of Financial Position
31-Dec-20
ASSETS
Not
Current assets: e  
  Cash and cash equivalents 1 ₱ 700,000  
  Trade and other receivables 2 ₱ 830,000  
  Inventory ₱ 1,200,000  
  Prepaid Expense ₱ 100,000  
  Total current assets ₱ 2,830,000
   
Noncurrent assets:  
  Property, plant and equipment 3 ₱ 5,500,000  
  Investment property ₱ 700,000  
  Bond sinking fund ₱ 2,000,000  
  Intangible assets 4 ₱ 370,000  
  Total noncurrent assets   ₱ 8,570,000
Total assets ₱ 11,400,000
   
   
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities:  
  Trade and other payables 5 ₱ 2,050,000  
    ₱ 2,050,000
Noncurrent liabilities  
  Bonds payable due June 30, 2021 ₱ 2,000,000  
  Deferred tax liability ₱ 650,000  
  ₱ 2,650,000
Shareholders' equity  
  Share capital 6 ₱ 3,500,000  
  Reserves 7 ₱ 500,000  
  Retained earnings ₱ 2,700,000  
  Total shareholders' equity   ₱ 6,700,000
Total Liabilities and Shareholders' Equity ₱ 11,400,000
         
NOTE 1 - Cash and Cash Equivalents    
Cash on hand ₱ 50,000  
Cash in bank ₱ 650,000  

Total cash and cash equivalents 700,000  
   
NOTE 2 - Trade and other receivables    
Accounts receivable ₱ 650,000  
Allowance for doubtful accounts -₱ 50,000  
Accrued interest receivable ₱ 30,000  
Notes receivable ₱ 200,000  
Total trade and other receivables ₱ 830,000  
   
NOTE 3 - Property, plant and equipment    
  Cost Depreciation Book Value
₱ ₱
Building ₱ 5,500,000 2,500,000.00 3,000,000
₱ ₱
Furniture and Equipment ₱ 2,400,000 900,000.00 1,500,000

Land ₱ 1,000,000 1,000,000
₱ ₱
Total ₱ 8,900,000 3,400,000.00 5,500,000
   
NOTE 4 - Intangible assets    
Patent ₱ 370,000  
  ₱ 370,000  
   
NOTE 5 - Trade and other payables    
Accounts payable ₱ 1,000,000  
Notes payable ₱ 850,000  
Other accrued liabilities ₱ 150,000  
Accrued Taxes ₱ 50,000  
Total trade and other payables ₱ 2,050,000  
   
NOTE 6 - Share Capital    
Share capital, 50,000 shares, P100 par ₱ 5,000,000  
Unissued share capital ₱ 2,000,000  

Issued Capital 3,000,000.00  
Subscribed share capital, 2,000 shares ₱ 1,000,000  

Share subscription receivable ₱ 500,000 500,000.00  

Paid in capital 3,500,000.00  
   
NOTE 7 - Reserves    
Share premium ₱ 300,000  
Retained earnings appropriated for
contingencies ₱ 200,000  

    500,000.00  
         

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