Scribd Logo
Upload

Welcome to Scribd!

  • 56 views

    Jarren James Parungao G12 - Augustine

    Uploaded by

    Jarren James Parungao
    The document contains information about financial statements, including: - The elements of a statement of financial position are assets, liabilities, and owner's equity. - Current assets are expected to be converted to cash within a year, while noncurrent assets are considered long-term. - An example statement of financial position is provided for Ubisoft Entertainment with sections for current assets, noncurrent assets, current liabilities, noncurrent liabilities, and owner's equity. - Three problems are presented: calculating total assets, determining current assets, and calculating an unknown accounts receivable amount based on given financial information.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Jarren James Parungao G12 - Augustine

    Uploaded by

    Jarren James Parungao
    56 views4 pages
    The document contains information about financial statements, including: - The elements of a statement of financial position are assets, liabilities, and owner's equity. - Current assets are expected to be converted to cash within a year, while noncurrent assets are considered long-term. - An example statement of financial position is provided for Ubisoft Entertainment with sections for current assets, noncurrent assets, current liabilities, noncurrent liabilities, and owner's equity. - Three problems are presented: calculating total assets, determining current assets, and calculating an unknown accounts receivable amount based on given financial information.

    Original Title

    Task 1-3

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document contains information about financial statements, including: - The elements of a statement of financial position are assets, liabilities, and owner's equity. - Current assets are expected to be converted to cash within a year, while noncurrent assets are considered long-term. - An example statement of financial position is provided for Ubisoft Entertainment with sections for current assets, noncurrent assets, current liabilities, noncurrent liabilities, and owner's equity. - Three problems are presented: calculating total assets, determining current assets, and calculating an unknown accounts receivable amount based on given financial information.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    56 views4 pages

    Jarren James Parungao G12 - Augustine

    Uploaded by

    Jarren James Parungao
    The document contains information about financial statements, including: - The elements of a statement of financial position are assets, liabilities, and owner's equity. - Current assets are expected to be converted to cash within a year, while noncurrent assets are considered long-term. - An example statement of financial position is provided for Ubisoft Entertainment with sections for current assets, noncurrent assets, current liabilities, noncurrent liabilities, and owner's equity. - Three problems are presented: calculating total assets, determining current assets, and calculating an unknown accounts receivable amount based on given financial information.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    Jarren James Parungao G12 – Augustine

    #1
    1. Elements of Statement of Financial Plan is :
     Assets
     Liabilities
     Owner’s Equity

    2. The difference between Current Assets and Noncurrent Assets is:


     Current Assets are assets that are expected to be converted to cash within a
    year
     Noncurrent assets are those that are considered long term, when their full
    value won’t be recognized until at least a year
     Current assets include Cash and accounts receivable while noncurrent assets
    include intangible assets or goodwill, brand recognition and intellectual
    properties.

    The difference between report form and account form is:


     Report form balance sheet lists assets on top and liabilities and owner’s
    equity on bottom, basically it spans the entire width of page and is essentially
    one column.
     Whereas account form list assets on the left column while it list liabilities and
    equity on right side
    Jarren James Parungao G12 – Augustine

    #2
    UBISOFT ENTERTAINMENT
    STATEMENT OF FINANCIAL POSITION
    AS OF MARCH 13, 2099
    Assets
    Current Assets
    Cash $1,000,000.00
    Accounts Receivable $690,000.00
    Less: Allowance for Doubtful Accounts ___(50,000.00) 640,000
    Accrued Income 350,000
    Inventory 500,000
    Prepaid Expenses 250,000
    Total Current Assets $2,740,000.00

    Noncurrent Assets
    Long Term Investments $5,550,000.00
    Intangible Assets 690,000.00
    Property, Plant and Equipment
    Cost $980,000.00
    Less: Accumulated Depreciation (75,000.00) 905,000.00
    Total Noncurrent Assets $7,235,000.00
    Total Assets $9,975,000.00

    Liabilities and Owners Equity


    Current Liabilities
    Accounts Payable $350,000.00
    Accrued Expenses 150,000.00
    Unearned Income 100,000.00
    Notes Payable 130,000.00
    Total Current Liabilities $730,000.00

    Noncurrent Liabilities
    Mortgage Payable $500,000.00
    Loans Payable 750,000.00
    Total Noncurrent Liabilities $1,250,000.00
    Total Liabilities $1,980,000.00
    Owner’s Equity 1,000,000.00
    Jarren James Parungao G12 – Augustine

    Total Liabilities and Owner’s Equity $2,980,000.00

    #3

    Problem # 1 Easy ,Medium , Difficult

    1. Learning is Fun Company had current assets amounting to


    Php 100.00. Noncurrent assets for the year totaled Php
    76.00 . How much is the company‘s total assets.

    Current Assets 100.00


    Noncurrent Assets 76.00
    Total Assets 176.00

    2. Happy Selling‘s had the following accounts at yearend Cash


    250.000, Account Payable 70.000 .Prepaid Expenses 15,000.
    Compute for the company’s current assets.
    Current Assets
    Cash 250,000
    Prepaid Expenses 15,000
    Total Current Assets 265,000
    Current Liabilities
    Accounts Payable 70,000
    Total Current Liabilities 70,000

    3. Company’s Total Liabilities and Equity amounted toPhp


    285.000. Total noncurrent assets ended at Php 85.000 .Cash
    totaled Php 50.000 inventory amounted to
    php100.000.assuming the company had no other assets
    ,how much is Accounts Receivables?
    Jarren James Parungao G12 – Augustine

    Current Assets
    Cash 50,000
    Inventory 100,000
    Accounts Receivables 50,000
    Total Current Assets 200,000
    Total Noncurrent Assets 85,000

    Total Liabilities and Equity 285,000

    You might also like