Prepare grocery store statement of financial position

Assignment Help Accounting Basics
Reference no: EM132756941

Problem 1: You were hired by Ms. Balingit to prepare her grocery store's Statement of Financial Position. In order to prepare the statement, identify the following assets and liabilities of "RSB Grocery Store":

a. Her grocery store has cash deposited in a bank account amounting to P50,000
b. Her grocery 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. She already paid one year's rent in advance amounting to P12,000
e. The value of all the grocery store's furniture amounted to P100,000
f. She bought merchandise from her 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 her one employee totaled P5,000
h. The grocery store had outstanding liabilities to utility companies amounting to P3,000
i. She had a loan from the bank amounting to P50,000 to be paid in 3 years

Reference no: EM132756941

Questions Cloud

How the entity will most likely classify the investment : How the entity will most likely classify the investment as subsequently measured at? An entity plans to purchase a new machine in a few years' time
Rfid technology : Evaluate the use and applicability of Radio Frequency Identification Devises (RFID) in industry today.
Is their conduct protected by the first amendment : Is their conduct protected by the First Amendment? Fully explain your answer. Be sure to support your answer with scholarly sources and appellate court opinions
Describe legal categories of business organization : Identify and describe the legal categories of a business organization contrasting tax-related advantages and disadvantages.
Prepare grocery store statement of financial position : Prepare her grocery store's Statement of Financial Position. In order to prepare the statement, identify the assets and liabilities of "RSB Grocery Storre"
What is the intrinsic value of the stock : The company plans to continue paying a dividend indefinitely due to its 5% constant growth rate. What is the intrinsic value of the stock
Passages contain explanations or descriptions : Determine whether the following passage contains an argument. If so, write "argument"; if not, write "no argument." For the passages that contain arguments
Calculate the operating cash flows related to the project : Sales of the new store for the 3 years are $260,000, $280,000 and $300,000, respectively. Calculate the operating cash flows related to the project
Visit the market and reach for produce labelled organic : Summarize the argument or arguments in the following passage, specifying the topic, the premises, and the conclusion or conclusions.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd