FUNDAMENTALS OF ACCOUNTING 2

UNIT TEST FOR STATEMENT OF FINANCIAL POSITION

III - PROFORMA STATEMENT OF FINANCIAL POSITION (20 PO
Accounts Payable
Accounts Receivable
Accrued Expenses
Cash
Inventory
Long Term Payable
Notes Payab;e
Notes Receivable
Owner's Capital
Prepaid Expense
Property, Plant and Equipment
Unearned Income
1 Use the accounts above to prepare a profoma SFP using the report and A
2 Use the accounts in the table to prepare a classified SFP taking into cons
a - The prepaid expense will be used up in 6 months from the SFP date.
b- The Unearned income is due for delivery in 3 months
c - The full amount of notes receivable is due to be collected 8 months from date
d- The full amount of notes payable is due to be paid 9 months from SFP date

IV - COMPREHENSIVE PROBLEM
The following were taken from the books of OLYMPIAD SWIMMERS CO LTD.

A Property, Plant and Equipment

A Accounts Receivable
A Cash
A Notes Receivable
A Prepaid Expense
A Inventory
A Intangible Assets
CA Accumulated Depreciation

L Long-term Payable
L Notes Payable
L Accounts Payable
L Unearned Income
L Accrued Expense
O Owner's Capital

Requirements
1 Based on the above set of accounts, determine total assets to be reported in the
2 Based on the above set of accounts, determine total liabilities to be reported in t
3 Based on the above set of accounts, determine the balance of Owner's Capital to b
4 Based on the above set of accounts, identify all the accounts with normal debit ba
5 Based on the above set of accounts, identify all the accounts with normal credit ba
6 Prepare a classified SFP givent he following additional information:
a. Note Payable is due 6 months from now.
b . Note receivable is collectible 9 months for now
c. Prepaid expense will be used during the year.
e to prepare a profoma SFP using the report and Account Format (10 POINTS)
e table to prepare a classified SFP taking into considerations the following additional information (10 POINTS)
will be used up in 6 months from the SFP date.
s due for delivery in 3 months
es receivable is due to be collected 8 months from date
es payable is due to be paid 9 months from SFP date

from the books of OLYMPIAD SWIMMERS CO LTD.

865,000.00
54,000.00
85,000.00
274,000.00
61,700.00
152,690.00
125,400.00
-150,000.00 1,617,790.00

650,000.00
105,000.00
86,500.00
16,454.00
39,870.00
? 897,824.00

f accounts, determine total assets to be reported in the

f accounts, determine total liabilities to be reported in t
f accounts, determine the balance of Owner's Capital to be reported in t
f accounts, identify all the accounts with normal debit balances. Computed the total of all accounts with debit balances
f accounts, identify all the accounts with normal credit balances. Computed the total of all accounts with credit balances
ivent he following additional information:
months from now.
ectible 9 months for now
used during the year.
 al information (10 POINTS)

ounts with debit balances

ounts with credit balances