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  • Simple Company SFP With Notes

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    The statement of financial position shows Simple Company had total assets of $9,500,000 as of December 31, 2022, consisting of current assets of $2,560,000 including cash, receivables, and inventories, and noncurrent assets of $6,940,000 including property, plant, and equipment, long-term investments, and intangible assets. Total liabilities were $3,120,000 comprising current liabilities of $1,120,000 such as payables and bonds, and noncurrent liabilities of $2,000,000 in bonds payable. Shareholders' equity was $6,380,000 made up of share capital, share premium, and retained earnings

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    CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARD

    Original Title

    SIMPLE COMPANY SFP WITH NOTES

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    The statement of financial position shows Simple Company had total assets of $9,500,000 as of December 31, 2022, consisting of current assets of $2,560,000 including cash, receivables, and inventories, and noncurrent assets of $6,940,000 including property, plant, and equipment, long-term investments, and intangible assets. Total liabilities were $3,120,000 comprising current liabilities of $1,120,000 such as payables and bonds, and noncurrent liabilities of $2,000,000 in bonds payable. Shareholders' equity was $6,380,000 made up of share capital, share premium, and retained earnings

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    © All Rights Reserved
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    4 views5 pages

    Simple Company SFP With Notes

    Uploaded by

    judithtiempo03
    The statement of financial position shows Simple Company had total assets of $9,500,000 as of December 31, 2022, consisting of current assets of $2,560,000 including cash, receivables, and inventories, and noncurrent assets of $6,940,000 including property, plant, and equipment, long-term investments, and intangible assets. Total liabilities were $3,120,000 comprising current liabilities of $1,120,000 such as payables and bonds, and noncurrent liabilities of $2,000,000 in bonds payable. Shareholders' equity was $6,380,000 made up of share capital, share premium, and retained earnings

    Copyright:

    © All Rights Reserved
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    of 5

    SIMPLE COMPANY

    Statement of Financial Position


    As of December 31, 2022

    ASSETS

    Note

    Current Assets:

    Cash P 420,000

    Financial assets held for trading 250,000

    Trade and other receivables (1) 620,000

    Inventories (2) 1,250,000

    Prepaid Insurance 20,000

    Total Current Assets P 2,560,000

    Noncurrent Assets:

    Property, plant, and equipment (3) 4,640,000

    Long-term Investments (4) 2,000,000

    Intangible Assets (5) 300,000

    Total Noncurrent Assets 6,940,000

    TOTAL ASSETS P 9,500,000


    LIABILITIES AND SHAREHOLDERS EQUITY

    Current Liabilities

    Trade and Other Payables (6) P 560,000

    Income Tax Payable 60,000

    Serial Bonds Payable 500,000

    Total Current Liabilities P 1,120,000

    Noncurrent Liabilities

    Serial Bonds Payable - short term debt 2,000,000

    Total Noncurrent Liabilities 2,000,000

    Shareholders' Equity

    Share Capital 5,000,000

    Share Premium 500,000

    Retained Earning 880,000

    Total Shareholder's Equity 6,380,000

    TOTAL LIABILITIES AND


    SHAREHOLDER'S EQUITY P 9,500,000
    Note 1 - Trade and Other
    Receivables
    Accounts receivables 500,000
    Allowance for doubtful
    accounts (50,000)
    Notes receivables 150,000
    Claim receivables 20,000
    Total trade and other
    receivables 620,000

    Note 2 - Inventories
    Finished goods 400,000
    Goods in process 600,000
    Raw materials 200,000
    Factory supplies 50,000
    Total inventories 1,250,000

    Note 3 - Property, Plant, and


    Equipment
    Land 1,500,000
    Building 4,000,000
    Machinery 2,000,000
    Tools 40,000
    Total 7,540,000
    Accumulated Depreciation 2,900,00

    Carrying Amount 4,640,000

    Accumulated Depreciation:
    Building 1,600,000
    Machinery 1,300,000
    Total Accumulated
    Depreciation 2,900,000

    Note 4 - Long-term
    Investments
    Plant expansion fund 500,000
    Investment in bonds 1,500,000
    Total long-term investments 2,000,000

    Note 5 - Intangible Assets


    Franchise 200,000
    Goodwill 100,000
    Total intangible assets 300,000

    Note 6 - Trade and Other


    Payables
    Accounts Payable 300,000
    Notes Payable 100,000
    Accrued Interest on note
    payable 10,000
    Employees Income tax
    payable 20,000
    Advances from customers 100,000
    Accrued Expenses 30,000
    Total trade and other
    payables 560,000

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