Report Form

vs
Account Form
Learning Competencies
The learnerns prepare an SFP using
the report form and the account form
with proper classification of items as
current and noncurrent.
ABM_ FABM12-Ia-b-4
 LEARNING IS FUN COMPANY
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2016
Assets
Current Assets
Cash Php100,000.00
Accounts Receivable Php500,000
Less: Allow. for doubtful Acct. (50,000) 450,000.00
Accrued Income 300,000.00
Inventory 200,000.00
Prepaid Expenses 50,000.00
Total Current Assets Php1,100,000.00
Noncurrent Assets
Long Term Investments Php 1,250,000.00
Intangible Assets 500,000.00
Property, Plant and Equipment Cost Php1,000,000.00
Less: Accumulated Depreciation (300,000.00) 700,000.00
Total Noncurrent Assets Php 1,450,000.00
Total Assets Php 3,550,000.00
Liabilities and Owner’s Equity
Current Liabilities
Accounts Payable Php 250,000.00
Accrued Expenses 100,000.00
Unearned Income 80,000.00
Notes Payable 150,000.00
Total Current Liabilities 580,000.00
Noncurrent Liabilities
Mortgage Payable Php 500,000.00
Loans Payable 1,000,000.00
Total Noncurrent Liabilities Php 1,500,000.00
Total Liabilities Php 3,080,000.00
Owner's Equity 470,000.00.00
Total Liabilities and
Owner's Equity Php 3,550,000.00
 NAME OF COMPANY
STATEMENT OF FINANCIAL POSITION
AS OF (YEAR-END)
Assets Liabilities and Owner’s Equity
Current Assets Current Liability
Cash P 5,000.00 Accounts Payable P 22,400.00
Accounts Receivable 2,600.00 Noncurrent Liabilitiy
Supplies 2,300.00 Loans Payable 77,500.00
Total Current Assets P 9,900.00 Total Liabilities P 99,900.00
Noncurrent Assets Owner’s Equity 40,000.00 Building
P 113,000.00 Total Liabilities and O/Equity P 139,900
Equipment 17,000.00
Total Noncurrent Assets P 130,000.00
Total Assets P 139,900.00
 Group Activity.
Maintaining your group.
Each group will prepare a
Statement of Financial Position for
the company (one in report form
and one in account form.)
 Prepare a Statement of Financial Position
using the following accounts
(one in report form and one in account form)
Cash - 5,000
Loan Payable - 77,500
Accounts Receivable - 2,600
Supplies - 2,300
Equipment - 17,000
Owner’s Equity - 40,000
Accounts Payable - 22, 400
Building - 113,000
Thank
You!