FUNDAMENTALS OF ACCOUNTANCY, BUSINESS, AND MANAGEMENT 2

ACTIVITY 2

1. Learning is Fun Company had current assets amounting to Php 100,000. Noncurrent assets for
the year totaled Php 76,000. How much is the company’s total assets?

2. Happy Selling Company’s total liabilities amounted Php 10,000. Total equity had an ending
balance of Php 20,000. How much is total assets?

3. Happy Selling’s had the following accounts at year end: Cash-250,000, Accounts Payable-70,000,
Prepaid Expense-15,000. Compute for the company’s current assets.

4. Happy Selling’s Accounts Receivable amounted to Php 500,000. Prepaid Expense and Unearned
Income totaled Php 30,000 and Php 10,000 respectively. Cash balance amounted to Php 100,000
while Accounts Payable and Inventory totaled to Php 20,000 and Php 10,000 respectively. How
much is the company’s current assets? Current liabilities?

5. Company’s Total Liabilities and Equity amounted to Php 285,000. Total noncurrent assets ended
at Php 85,000. Cash totaled Php50,000. Inventory amounted to Php100,000. Assuming the
company had no other assets, how much is Accounts Receivable?

6. Total assets amounted to Php575,000. Total equity amounted to Php 250,000. Accounts Payable
amounted to Php 50,000 while Unearned Income totaled Php 85,000. Assuming there are no
other current liabilities, compute for the company’s noncurrent liabilities.

7. You were hired by Mr. Juan Dela Cruz to prepare his sari-sari store’s Statement of Financial Position. In
order to prepare the statement, you identified the following assets and liabilities of Mr. Dela Cruz: a. His
sari-sari store has cash deposited in a bank account amounting to P50,000

b. His sari-sari store had a lot of uncollected sales from customers amounting to P75,000

c. The total amount of merchandise left inside the store is P30,000

d. He already paid one year’s rent in advance amounting to P12,000

e. The value of all the company’s furniture amounted to P100,000

f. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment
can be made 2 months after year-end

g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000

h.The sari-sari store had outstanding liabilities to utility companies amounting to P3,000

i. He had a loan from the bank amounting to P50,000 to be paid in 3 years

Prepare a Statement of Financial Position for the company (one in report form and one in account form)