Reference no: EM132759858
Question - You were hired by Mr. Juan de la 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 invested cash amounting to P50,000.
b. His sari-sari store had a lot of uncollected sale from customers amounting top75.000.
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 P 12,000.
e. The value of all the company's furniture amounted to P100,000.
f. He bought merchandise from his supplier amounting to $25,000 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 utilities companies amounting to P3.000.
i. He had a loan from the bank amounting to P50,000 to be paid in 3 years.
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