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Act 1 Simple Company (SFP)

The statement of financial position shows total assets of $9,500,000 with current assets of $2,560,000 including cash, receivables, and inventories. Noncurrent assets total $6,940,000 including property, equipment, long-term investments, and intangible assets. Total liabilities are $3,120,000 consisting of current liabilities of $1,120,000 and noncurrent bonds payable of $2,000,000. Shareholders' equity is $6,380,000 made up of share capital, premium, and retained earnings.

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580 views3 pages

Act 1 Simple Company (SFP)

The statement of financial position shows total assets of $9,500,000 with current assets of $2,560,000 including cash, receivables, and inventories. Noncurrent assets total $6,940,000 including property, equipment, long-term investments, and intangible assets. Total liabilities are $3,120,000 consisting of current liabilities of $1,120,000 and noncurrent bonds payable of $2,000,000. Shareholders' equity is $6,380,000 made up of share capital, premium, and retained earnings.

Uploaded by

Reginald Mundo
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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SIMPLE COMPANY

Statement of Financial Position


December 31, 2022

ASSETS

Note
Current Assets:
Cash 420,000.00
Financial asset for trading 250,000.00
Trade and other receivables (1) 620,000.00
Inventories (2) 1,250,000.00
Prepaid Insurance 20,000.00
Total Current Assets 2,560,000.00

Noncurrent Assets:
Property, plant and equipment (3) 4,640,000.00
Long-term investments (4) 2,000,000.00
Intangible assets (5) 300,000.00
Total Noncurrent Assets 6,940,000.00
Total Assets 9,500,000.00

LIABILITIES AND SHAREHOLDERS EQUITY


Note
Current Liabilities:
Trade and other payables (6) 560,000.00
Income tax payable 60,000.00
Serial bonds payable- current portion 500,000.00
Total Current Liabilities 1,120,000.00

Noncurrent Liabilities:
Serial bonds payable-remaining portion 2,000,000.00
Total Noncurrent Liabilities 2,000,000.00

Shareholders Equity:
Share capital 5,000,000.00
Share premium 500,000.00
Retained Earnings 880,000.00
Total Shareholders Equity 6,380,000.00
Total Liabilities and Shareholders Equity 9,500,000.00
Note 1: Trade and other receiveables
Accounts receivables 500,000.00
Allowance for doubtful accounts (50,000.00)
Notes receivable 150,000.00
Claim receivable 20,000.00
Total: 620,000.00

Note 2: Inventories
Finished goods 400.000.00
Goods in process 600,000.00
Raw Materials 200,000.00
Factory supplies 50,000.00
Total: 1,250,000.00

Note 3: Property, plant and equipment


Land 1,500,000.00
Building 4,000,000.00
Machinery 2,000,000.00
Tools 40,000.00
Total: 7,540,000.00
Accumulated depreciation-building 1,600,000.00
Accumulated depreciation-machine 1,300,000.00
Total Accumulated depreciation: (2,900,000.00)
Carrying Amount: 4,640,000.00

Note 4: Long-term investment


Investment in bonds 1,500,000.00
Plant expansion fund 500,000.00
Total: 2,000,000.00

Note 5: Intangible assets


Goodwill 100.000.00
Franchise 200,000.00
Total: 300,000.00

Note 6: Trade and other payables


Accounts payable 300,000.00
Notes payable 100,000.00
Accrued interest on note payable 10,000.00
Accrued expense 30,000.00
Employess income tax payable 20,000.00
Advances from customers 100,000.00
Total: 560,000.00

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