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Simple Company SFP With Notes

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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276 views5 pages

Simple Company SFP With Notes

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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judithtiempo03
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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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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