Balance Sheet

PROBLEM SOLVING
Learning Objectives:
Learn how compute for the accounts:
a. Total assets
b. Current assets
c. Current liabilites
d. Account Receivable
e. Non-current Asset
1. Learning is Fun company had current assets
amounting to Php 100,000. Noncurrent assets for
the year totaled to Php 76,000. How much is the
company’s total assets.
Current Assets + Non Current assets = Total Assets

Current assets Php 100,000

+Noncurrent assets 76,000
=Total assets Php 176,000
2. Happy Selling Company’s total liabilities
amounted Php 10,000. Total equity ending
balance of Php 20,000. How much is the
total assets?
Assets = Liabilities + Equity
Total liabilities Php 10,000
Equity 20,000
Total Assets Php 30,000
3. Happy Selling’s had the following
accounts at year end: Cash – 250,000,
Accounts Payable – 70,000, Prepaid Expense
– 15,000. Compute for the company’s
current asset.
Cash Php 250,000
Prepaid Expense 15,000
Current Asset Php 265,000
4. Happy Selling Account Receivable amounted to
Php 500,000. Prepaid Expenses and Unearned
Income totaled Php 30,000 and Php 10,000,
respectively. Cash balance amounted to Php
100,000 while Accounts Payable and Inventory
totaled to Php 20,000 and Php 10,000 respectively.
How much is the company’s current assets? Current
liabilities?
Account Receivable Php 500,000
Prepaid Expenses 30,000
Cash 100,000
Inventory 10,000
Currents Assets Php 640,000

Unearned Income Php 10,000

Accounts Payable 20,000
Current Liabilities Php 30,000
5. Company’s Total Liabilities and Equity
amounted to Php 285,000. Total noncurrent assets
ended at Php 85,000. Cash totaled Php 60,000.
Inventory amounted to Php 100,000. Assuming that
the company had no other assets. How much is
accounts receivable
Assets = Liabilities + Equity
? = Php 285,000

Total Assets = Current assets + Noncurrent assets

285,000 = ? + 85,000

Current assets = Cash + Inventory + Account Receivable

200,000 = 60,000 + 100,000 + ?
6. Total assets amounted to Php 575,000. Total
equity amounted to Php 250,000. Accounts Payable
amounted to Php 50,000 while Unearned Income
totaled Php 85,000. Assuming there are no other
liabilities, compute for the company’s noncurrent
liability.
Assets = Liabilities + Equity
575,000 = 575,000
575,000 = ? + 250,000
575,000 = 325,000 + 250,000

Total Liability = Current Liability + Noncurrent Liability

325,000 = (50,000+85,000)+ ?
325,000 = 135,000 + ?