Statement of Financial Position, Step by Step (Balance Sheet)
Statement of Financial Position (Book: Accounting Principles by Bessy Barahona and Gloria Galo)
*Problem: Determine the equity and contributions of the partners of the company Las Tres Rosas. (Long-term = long-term and short-term = short-term)
Cash on hand L. 25,000
Furniture and Equipment L. 150,000
Delivery Equipment L. 125,000
Advance Rent L. 60,000
Long-term Bank Loans L. 20,000
Bank Loans L. 130,000
2-month Term Deposit L. 50,000
Vehicles L. 170,000
Provision for Employee Compensation L. 60,000
Licenses or Concessions L. 70,000
Inventory L. 250,000
Packaging Materials L. 10,000
Retained Earnings L. 60,000
Banks L. 125,000
Allowance for bad debts L. 25,000
Accumulated depreciation of building L. 170,000
Insurance premiums L. 10,000
Suppliers L. 70,000
Notes payable LP L. 120,000
Escrow deposits L. 10,000
Land L. 125,000
Buildings L. 800,000
Accumulated depreciation of vehicles L. 40,000
Salaries and wages payable L. 19,000
Advances from customers L. 25,000
Investments in non-current stock L. 70,000
Accounts receivable L. 100,000
Legal reserve L. 20,000
Sundry creditors C.P L.10,000
Profit for the year L.40,000
Accumulated depreciation of furniture L.30,000