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    Boracay Companyy

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    marie anicete
    The Boracay Company's statement of financial position as of December 31, 2019 shows total assets of $7.7 million, consisting of current assets of $3.65 million and non-current assets of $4.05 million. Total liabilities are $2.05 million in current liabilities and $2 million in non-current liabilities. Equity includes share capital, share premium, and retained earnings totaling $3.65 million.

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    Boracay Companyy

    Uploaded by

    marie anicete
    565 views4 pages
    The Boracay Company's statement of financial position as of December 31, 2019 shows total assets of $7.7 million, consisting of current assets of $3.65 million and non-current assets of $4.05 million. Total liabilities are $2.05 million in current liabilities and $2 million in non-current liabilities. Equity includes share capital, share premium, and retained earnings totaling $3.65 million.

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    Boracay-companyy.xlsx

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    The Boracay Company's statement of financial position as of December 31, 2019 shows total assets of $7.7 million, consisting of current assets of $3.65 million and non-current assets of $4.05 million. Total liabilities are $2.05 million in current liabilities and $2 million in non-current liabilities. Equity includes share capital, share premium, and retained earnings totaling $3.65 million.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    565 views4 pages

    Boracay Companyy

    Uploaded by

    marie anicete
    The Boracay Company's statement of financial position as of December 31, 2019 shows total assets of $7.7 million, consisting of current assets of $3.65 million and non-current assets of $4.05 million. Total liabilities are $2.05 million in current liabilities and $2 million in non-current liabilities. Equity includes share capital, share premium, and retained earnings totaling $3.65 million.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    Boracay Company

    Statement of Financial Position


    December 31, 2019

    ASSETS Note
    Current Assets:
    Cash and cash equivalents 1
    Financial asset at fair value
    Trade receivables 2
    Inventory 3
    Prepaid supplies 4
    Total Current Assets

    Noncurrent Assets:
    Property, Plant and Equipment 5
    Goodwill
    Total Noncurrent Assets

    TOTAL ASSETS

    LIABILITY AND EQUITY


    Current Liability:
    Trade and other payables 6

    Noncurrent Liability:
    Mortgage payable

    Equity:
    Ordinary Share Capital, P100 par
    Share premium
    Retained earnings 7
    Total Equity

    TOTAL LIABILITIES AND EQUITY

    Notes:
    Note 1: Cash and cash equivalents
    Cash in bank 700,000
    Money market placement 500,000
    Total 1,200,000

    Note 2: Trade receivables


    Accounts receivable 800,000
    Notes receivable 200,000
    Total 1,000,000

    Note 3: Inventory
    Inventory 1,300,000
    Prepaid supplies -50,000
    Office equipment -250,000
    Total 1,000,000

    Note 4: Prepaid supplies


    Office supplies 50,000

    Note 5: PPE
    Cost Accumulated Dep.
    Land 1,000,000
    Building 3,000,000 300,000
    Office Equipment 250,000
    Total 4,250,000 300,000

    Note 6: Trade and other payables


    Accounts payable 1,500,000
    Withholding tax payable 100,000
    Accrued salaries payable 250,000
    Accrued interest payable 200,000
    Total 2,050,000

    Note 7: Retained earnings


    Net asset per book 4,200,000
    Contributed capital -3,200,000
    Unadjusted retained earnings 1,000,000
    Unrecorded expenses:
    Salaries 250,000
    Depreciation on building 300,000 -550,000
    Total 450,000
    P 1,200,000
    400,000
    1,000,000
    1,000,000
    50,000
    P3,650,000

    3,950,000
    100,000
    4,050,000

    7,700,000

    2,050,000

    2,000,000

    3,000,000
    200,000
    450,000
    3,650,000

    7,700,000
    Carrying Amount
    1,000,000
    2,700,000
    250,000
    3,950,000

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