Jarren James Parungao G12 – Augustine

#1
1. Elements of Statement of Financial Plan is :
 Assets
 Liabilities
 Owner’s Equity

2. The difference between Current Assets and Noncurrent Assets is:

 Current Assets are assets that are expected to be converted to cash within a
year
 Noncurrent assets are those that are considered long term, when their full
value won’t be recognized until at least a year
 Current assets include Cash and accounts receivable while noncurrent assets
include intangible assets or goodwill, brand recognition and intellectual
properties.

The difference between report form and account form is:

 Report form balance sheet lists assets on top and liabilities and owner’s
equity on bottom, basically it spans the entire width of page and is essentially
one column.
 Whereas account form list assets on the left column while it list liabilities and
equity on right side
Jarren James Parungao G12 – Augustine

#2
UBISOFT ENTERTAINMENT
STATEMENT OF FINANCIAL POSITION
AS OF MARCH 13, 2099
Assets
Current Assets
Cash $1,000,000.00
Accounts Receivable $690,000.00
Less: Allowance for Doubtful Accounts ___(50,000.00) 640,000
Accrued Income 350,000
Inventory 500,000
Prepaid Expenses 250,000
Total Current Assets $2,740,000.00

Noncurrent Assets
Long Term Investments $5,550,000.00
Intangible Assets 690,000.00
Property, Plant and Equipment
Cost $980,000.00
Less: Accumulated Depreciation (75,000.00) 905,000.00
Total Noncurrent Assets $7,235,000.00
Total Assets $9,975,000.00

Liabilities and Owners Equity

Current Liabilities
Accounts Payable $350,000.00
Accrued Expenses 150,000.00
Unearned Income 100,000.00
Notes Payable 130,000.00
Total Current Liabilities $730,000.00

Noncurrent Liabilities
Mortgage Payable $500,000.00
Loans Payable 750,000.00
Total Noncurrent Liabilities $1,250,000.00
Total Liabilities $1,980,000.00
Owner’s Equity 1,000,000.00
Jarren James Parungao G12 – Augustine

Total Liabilities and Owner’s Equity $2,980,000.00

#3

Problem # 1 Easy ,Medium , Difficult

1. Learning is Fun Company had current assets amounting to

Php 100.00. Noncurrent assets for the year totaled Php
76.00 . How much is the company‘s total assets.

Current Assets 100.00

Noncurrent Assets 76.00
Total Assets 176.00

2. Happy Selling‘s had the following accounts at yearend Cash

250.000, Account Payable 70.000 .Prepaid Expenses 15,000.
Compute for the company’s current assets.
Current Assets
Cash 250,000
Prepaid Expenses 15,000
Total Current Assets 265,000
Current Liabilities
Accounts Payable 70,000
Total Current Liabilities 70,000

3. Company’s Total Liabilities and Equity amounted toPhp

285.000. Total noncurrent assets ended at Php 85.000 .Cash
totaled Php 50.000 inventory amounted to
php100.000.assuming the company had no other assets
,how much is Accounts Receivables?
Jarren James Parungao G12 – Augustine

Current Assets
Cash 50,000
Inventory 100,000
Accounts Receivables 50,000
Total Current Assets 200,000
Total Noncurrent Assets 85,000

Total Liabilities and Equity 285,000