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    Comprehensive Problem 1

    Uploaded by

    Heaven Winclet
    The document provides the trial balance of Crash Landing on You Company as of December 31, 2020. It lists the company's assets, liabilities, and equity accounts with their debit and credit balances. It also lists the company's income and expense accounts for the year. The requirements are to: 1) Compute various financial metrics like current assets, noncurrent assets, total assets, current liabilities, noncurrent liabilities, total liabilities, equity, and net income. 2) Prepare a statement of financial position and discuss its importance.

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    © All Rights Reserved
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    Comprehensive Problem 1

    Uploaded by

    Heaven Winclet
    248 views3 pages
    The document provides the trial balance of Crash Landing on You Company as of December 31, 2020. It lists the company's assets, liabilities, and equity accounts with their debit and credit balances. It also lists the company's income and expense accounts for the year. The requirements are to: 1) Compute various financial metrics like current assets, noncurrent assets, total assets, current liabilities, noncurrent liabilities, total liabilities, equity, and net income. 2) Prepare a statement of financial position and discuss its importance.

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    The document provides the trial balance of Crash Landing on You Company as of December 31, 2020. It lists the company's assets, liabilities, and equity accounts with their debit and credit balances. It also lists the company's income and expense accounts for the year. The requirements are to: 1) Compute various financial metrics like current assets, noncurrent assets, total assets, current liabilities, noncurrent liabilities, total liabilities, equity, and net income. 2) Prepare a statement of financial position and discuss its importance.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    248 views3 pages

    Comprehensive Problem 1

    Uploaded by

    Heaven Winclet
    The document provides the trial balance of Crash Landing on You Company as of December 31, 2020. It lists the company's assets, liabilities, and equity accounts with their debit and credit balances. It also lists the company's income and expense accounts for the year. The requirements are to: 1) Compute various financial metrics like current assets, noncurrent assets, total assets, current liabilities, noncurrent liabilities, total liabilities, equity, and net income. 2) Prepare a statement of financial position and discuss its importance.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    COMPREHENSIVE PROBLEM 1:

    Below is the Trial Balance of Crash Landing on YouCompany as of and for


    the year ending December 31, 2020.

    Account Debit Credit


    Cash on hand 120,586
    Cash in bank 560,125
    Trade receivables 400,125
    Allowance for bad debts 60,128
    Advances to suppliers 125,677
    Interest receivable 1,248
    Prepaid supplies 4,450
    Receivable from insurance 70,990

    Merchandise inventory - January 1, 2016 255,544

    Prepaid interest 987


    Prepaid insurance 6,680
    Land 780,125
    Land improvements 5,040

    Accumulated depreciation - Land improvements 2,050

    Building 480,650
    Accumulated depreciation – Building 100,788
    Building improvements 65,234

    Accumulated depreciation - Building improvements 5,019

    Furniture and equipment 88,190

    Accumulated depreciation – Furniture 10,160

    Machinery and equipment 110,897

    Accumulated depreciation - Machinery and equipment 45,678

    Trade payables 198,700

    Advances from officers and employees 5,076

    Utilities payable 6,807


    Salaries payable 10,150
    Unearned rent 5,600
    Notes payable - short-term portion 250,000
    Notes payable - long-term portion 180,000
    Loans payable - short-term portion 130,000
    Loans payable - long-term portion 450,000
    Crash, capital 482,145
    Crash, drawing 250,000
    Sales 2,490,000
    Sales discount 10,250
    Sales return 1,577
    Rent income 10,000
    Interest income 1,500
    Purchases 510,000
    Purchases discount 88,000
    Purchase return 7,650
    Freight in 56,875
    Freight out 6,780
    Salaries expense 434,588
    Utilities expense 10,770
    Advertising expense 5,680
    Rent expense 60,000
    Bad debts 1,654
    Depreciation – building 45,670
    Depreciation - land improvements 6,557

    Depreciation - building improvements 5,078

    Depreciation – furniture 6,087

    Depreciation - machinery and equipment 10,157

    Supplies expense 10,124


    Insurance expense 18,000
    Interest expense 12,000
    Miscellaneous expense 1,056

    Merchandise inventory - December 31, 2016 301,256

    Income and expense summary 301,256


    4,840,707 4,840,707

    Compute for the following:

    A. Current Assets
    B. Noncurrent Assets
    C. Total Assets
    C. Current Liabilities
    D. Noncurrent Liabilities
    E. Total Liabilities
    F. Equity
    G. Net Income
    H. Total Liabilities and Equity

    COMPREHENSIVE PROBLEM 2:

    Given the Trial Balance of Crash Landing on You Company as of and for the
    year ending December 31, 2020.

    REQUIREMENT:

    A. Prepare a Statement of Financial Position in bond paper


    B. Discuss the importance of preparing the SFP.

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