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