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ACTIVITY-2.docx - ACTIVITY 2 Problem 1. (SFP) You were...

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ACTIVITY 2Problem 1. (SFP)You were hired by MM to prepare his sari-sari store’s Statement of FinancialPosition. In order to prepare the statement, you identified the following assets andliabilities of MM:a. His sari-sari store has cash deposited in a bank account amounting toP500,000Cash 500,000b. His sari-sari store had a lot of uncollected sales from customers amounting toP750,000Accounts Receivable 750,000Cash 750,000c. The total amount of merchandise left inside the store is P300,000
d. He already paid one year’s rent in advance amounting to P120,000
e. The value of all the company’s furniture amounted to P1,000,000Furniture 1,000,000f. He bought merchandise from his supplier amounting to P250,000 and thesupplier agreed that payment can be made 2 months after year-end
g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P50,000
Insurance Expense 50,000h. The sari-sari store had outstanding liabilities to utility companies amounting toP30,000Utility payable 30,000i. He had a loan from the bank amounting to P500,000 to be paid in 3 yearsprepare a Statement of Financial Position.Current Port of Loan Payable13,888.89Loan Payable 486,111.11
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Term
Fall
Professor
Maxine
Tags
Balance Sheet, Accounting software, MM Company, sari sari store s Statement

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