Directions: Determine the classification of the following accounts as to ASSET,

LIABILITY AND EQUITY. For Asset and Liability accounts, determine also how it is
treated as to CURRENT OR NON- CURRENT.

No. ACCOUNT TITLE ACCOUNT CLASSIFICATION

1. Cash
2. Furniture and Fixtures
3. Land
4. Notes Payable
5. Notes Receivable
6. DSD, Capital
7. Accounts Receivable
8. Vehicle
9. Building
10. Taxes Payable
11. Mortgage Payable
12. DSD, Drawings
13. Prepaid Rent
14. Utilities Payable
15. Marketable Securities

Directions: Prepare a properly classified Statement of Financial Position using the 1.

report form and 2. Account form.
Mr. Dale Ramos, owned a plant shop named Dale’s Gardens. He hired you to prepare
his plants shop’s Statement of Financial Position for the year 2019. The following
shows the assets and liabilities of Mr. Ramos:
a. His plant shop has cash in bank account amounting to P150,000.
b. His plant shop has uncollected sales from customers amounting to P125,000.
c. The total amount of garden supplies and materials after inventory showed P80,000
on hand.
d. He already paid one year’s advertisement in advance in a local newspaper
amounting to P12,000
e. Total value of all the shop’s garden tools and equipment amounted to P150,000
f. He bought garden supplies and materials on account from his supplier amounting
to P155,000 to be paid within three months after the year- end. g. Salaries unpaid
to his three employees totaled P21,000.00.
h. Utilities amounting to P6,000.00 remained unpaid as of year- end.
i. His outstanding loan balance amounted to P45,000 will be paid within 5 years.