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Summa Company revealed the following account balances on December 31, 2020: Accounts payable Accounts receivable, net of allowance for doubtful accounts P50,000 Accrued taxes Accrued interest receivable Authorized share capital, 50,000 shares, P100 par Building, net of accumulated depreciation of P2,500,000 3,000,000 Cash on hand Cash in bank Bond sinking fund Furniture and equipment, net of accumulated depreciation of P900,000 Inventory Investment property Land Deferred tax liability Bonds payable due June 30, 2021 Notes payable Notes receivable Patent Other accrued liabilities Prepaid expenses Share premium Retained earnings appropriated for contingencies Retained earnings Share subscription receivable Subscribed,share capital, 2,000 shares Unissued share capítal 1,000,000 600,000 50,000 30,000 5,000,000 50,000 650,000 2,000,000 1,500,000 1,200,000 700,000 1,000,000 650,000 2,000,000 850,000 200,000 370,000 150,000 100,000 300,000 200,000 2,700,000 500,000 1,000,000 2,000,000 Required: Prepare a statement of financial position, presented ánd classified according to generally accepted accounting principles with appropriate notes.

Summa Company revealed the following account balances on December 31, 2020: Accounts payable Accounts receivable, net of allowance for doubtful accounts P50,000 Accrued taxes Accrued interest receivable Authorized share capital, 50,000 shares, P100 par Building, net of accumulated depreciation of P2,500,000 3,000,000 Cash on hand Cash in bank Bond sinking fund Furniture and equipment, net of accumulated depreciation of P900,000 Inventory Investment property Land Deferred tax liability Bonds payable due June 30, 2021 Notes payable Notes receivable Patent Other accrued liabilities Prepaid expenses Share premium Retained earnings appropriated for contingencies Retained earnings Share subscription receivable Subscribed,share capital, 2,000 shares Unissued share capítal 1,000,000 600,000 50,000 30,000 5,000,000 50,000 650,000 2,000,000 1,500,000 1,200,000 700,000 1,000,000 650,000 2,000,000 850,000 200,000 370,000 150,000 100,000 300,000 200,000 2,700,000 500,000 1,000,000 2,000,000 Required: Prepare a statement of financial position, presented ánd classified according to generally accepted accounting principles with appropriate notes.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare a statement of financial position

Summa Company revealed the following account balances on December 31, 2020: Accounts payable Accounts receivable, net of allowance for doubtful accounts P50,000 Accrued taxes Accrued interest receivable Authorized share capital, 50,000 shares, P100 par Building, net of accumulated depreciation of P2,500,000 3,000,000 Cash on hand Cash in bank Bond sinking fund Furniture and equipment, net of accumulated depreciation of P900,000 Inventory Investment property Land Deferred tax liability Bonds payable due June 30, 2021 Notes payable Notes receivable Patent Other accrued liabilities Prepaid expenses Share premium Retained earnings appropriated for contingencies Retained earnings Share subscription receivable Subscribed, share capital, 2,000 shares Unissued share capital 1,000,000 600,000 50,000 30,000 5,000,000 50,000 650,000 2,000,000 1,500,000 1,200,000 700,000 1,000,000 650,000 2,000,000 850,000 200,000 370,000 150,000 100,000 300,000 200,000 2,700,000 500,000 1,000,000 2,000,000 Required: Prepare a statement of financial position, presented ánd classified according to generally accepted accounting principles with appropriate notes.
Transcribed Image Text:Summa Company revealed the following account balances on December 31, 2020: Accounts payable Accounts receivable, net of allowance for doubtful accounts P50,000 Accrued taxes Accrued interest receivable Authorized share capital, 50,000 shares, P100 par Building, net of accumulated depreciation of P2,500,000 3,000,000 Cash on hand Cash in bank Bond sinking fund Furniture and equipment, net of accumulated depreciation of P900,000 Inventory Investment property Land Deferred tax liability Bonds payable due June 30, 2021 Notes payable Notes receivable Patent Other accrued liabilities Prepaid expenses Share premium Retained earnings appropriated for contingencies Retained earnings Share subscription receivable Subscribed, share capital, 2,000 shares Unissued share capital 1,000,000 600,000 50,000 30,000 5,000,000 50,000 650,000 2,000,000 1,500,000 1,200,000 700,000 1,000,000 650,000 2,000,000 850,000 200,000 370,000 150,000 100,000 300,000 200,000 2,700,000 500,000 1,000,000 2,000,000 Required: Prepare a statement of financial position, presented ánd classified according to generally accepted accounting principles with appropriate notes.
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