NET COMPANY

Statement of Financial Position

as of December 31, 2017

Assets
Current assets:
Cash P 380,000
Trading Securities 460,000
Accounts receivable 1,850,000
Less: Allowance for Bad Debts -70,000
Net Accounts Receivable 1,780,000
Notes Receivable 1,000,000
Inventories 3,050,000
Prepaid Insurance 290,000
Long-term Investment 900,000
Total current assets 7,860,000

Noncurrent Assets:
Sinking fund for bond retirement 700,000
Property, plant, and equipment:
Building 6,340,000
Less: Accumulated Depreciation- Bldg. -2,100,000
Net Building 4,240,000
Equipment 2,960,000
Less: Accumulated Depreciation- Equipment -1,300,000
Net Equipment 1,660,000
Land 1,200,000
Net property, plant, and equipment 7,100,000
Intangibles:
Patent 820,000
Accumulated Amortization -230,000
Net Patent 590,000
Trademark 520,000
Accumulated Amortization -150,000
Net Trademark 370,000
Net Intangible Assets 960,000
Total Noncurrent Assets 8,760,000
Total Assets 16,620,000

Liabilities and Shareholders’ Equity

Current liabilities:
Accounts payable P 1,940,000
Salaries and wages payable 410,000
Income Taxes payable 720,000
Mortgage Payable 400,000
Total current liabilities 3,470,000

Noncurrent liabilities:
Bonds payable 4,000,000
Premium on Bonds Payable 430,000
Net Bonds Payable 4,430,000
Mortgage Payable 1,600,000
Total Noncurrent Liabilities 6,030,000

Shareholders’ equity:
Ordinary share capital P1,100,000
Preference Share 600,000
Share Premium 1,820,000
Treasury Shares -180,000
Retained earnings 3,780,000
Total shareholders’ equity 7,120,000
Total liabilities and shareholders’ equity P16,620,000
 Makati Company
As of December 31,2017

Current Assets
Cash and Cash Equivalents 740,000
Trading Securities 900,000
Certificate Time Deposit 500,000
Advances to Suppliers 120,000
Notes Receivable 920,000
Trade Accounts Receivable 1,290,000
Allowance for Bad Debts -60,000
Merchandise Inventory 1,510,000
Current Assets 5,920,000

Current Liabilities
Notes Payable 1,200,000
Trade Accounts Payable 1,020,000
Advances from customers 70,000
Employees Income Tax Withheld 40,000
Current Portion of Bonds Payable 500,000
Income Tax Payable 280,000
Current Liabilities 3,110,000
Working Capital 2,810,000
 Internet Company
As of December 31, 2017

Current Liabilities:
Current Balance Bank Notes Payable 100,000
Accounts Payable 270,000
Withholding Tax Payable 120,000
Interest Payable 7,500
VAT Payable 288,000
Income Tax Payable 31,500
Current Liabilities 817,000
 JIG COMPANY
as of December 31,2017

Cash on Hand and in Bank 995,000

Accounts Receivable 800,000
Allowance for Bad Debts -150,000
Inventories 1,160,000
Prepaid Insurance 200,000
Total Current Assets 3,005,000
Unadjusted: Adjusting Entries:
Current assets 3,500,000
Non-current assets 8,000,000 a Sinking Fund
Current liabilities 2,400,000
Non-current liabilities 2,700,000
Long Term debt

b Treasury Shares

c Tax Fund

Tax Payable

d Advances to Employees

Commission Expense

Commission Payable
 Adjusted:
Current Assets
380000 Unadjusted 3,500,000
Cash 380000 a. -380,000

380000 b.
Sinking fund 380000 c. -140,000
140,000
500000 -140,000
Long tern asset 500000 d. -210,000
210,000
140000
Cash 140000 -210,000

140000 Adjusted: 2,770,000

Tax Fund 140000

210000
Cash 210000

240000
Commission Payable 240000

210000
Advances to employees 210000
Noncurrent Assets Current Liability Noncurrent Liability
8,000,000 2,400,000 2,700,000
380,000
-380,000 -380,000
-500,000
-140,000

240,000
-210,000

7,500,000 2,290,000 2,320,000

 Starbucks Corporation
Balance Sheet
For Year Ended December 31, 2019

ASSETS
Current Assets:
Cash and Cash Equivalents
Inventories
Trade and other Receivables
Prepaid Expense
Trading Securities
Noncurrent asset held for sale
Total Current Assets

Noncurrent Assets:
Property, Plant, & Equipment
Long-term Investment
Cash Surrender Value of Life Insurance
Intangible Assets
Total Noncurrent Asset

Total Assets

LIABILITIES AND SHAREHOLDER’S EQUITY

Current Liabilities
Trade and other Payables
Provision
Total Current Liabilities

Noncurrent Liabilities
Long-term Borrowings
Total Noncurrent Liabilities
Total Liabilities

Shareholder’s Equity
Ordinary Share Capital (10 par per share; 120,000 shares authorized; 62,800 shares issued and outstanding)
Preference Share Capital (100 par per share; 10,000 shares authorized; 4,000 shares issued and outstanding)
Ordinary Share Premium
Preferred Share Premium
Retained Earnings
Total Shareholder’s Equity
Total Liabilities and Shareholder’s Equity
 Note 1: Inventories
This line item consists of the following:
Note
Raw Materials 222,000
116,000 Goods in Process 347,000
1 985,000 Finished Goods 416,000
2 308,000 Inventories 985,000
31,000
3 160,000
210,000 Note 2: Trade and Other Receivables
1,810,000 This line item consists of the following:

Accounts Receivable 323,000

4 2,053,000 Allowance for Bad Debts -15,000
5 445,000 Trade and Other Receivables 308,000
89,000
6 182,000 Note 3: Trading Securities
2,769,000 This line item consists of the following:

4,579,000 Trading Securities 150,000

Accumulated fair value changes 10,000
Trading Securities 160,000

7 889,000
73,000 Note 4: Property, Plant and Equipment
962,000 This line item consists of the following:

Land 320,000
8 848,000 Building 1,824,000
848,000 Accumulated Depreciation-Building -622,000
1,810,000 Machinery 319,000
Accumulated Depreciation-Machinery -106,000
Equipment 530,000
628,000 Accumulated Depreciation-Building -212,000
400,000 Property, Plant and Equipment 2,053,000
303,000
234,000 Note 5: Long-term Investment
9 1,204,000 This line item consists of the following:
2,769,000
4,579,000 Land held for Future Use 195,000
Held to Maturity Securities – XYZ Bonds 250,000
Long-term Investment 445,000
Note 6: Intangible Assets
This line item consists of the following:

Patents 200,000
Accumulated Amortization-Patents -18,000
Intangible Assets 182,000

Note 7: Trade and other Payables

This line item consists of the following:

Income Taxes Payable 247,000

Accounts Payable 580,000
Unearned Revenues 62,000
Trade and other Payables 889,000

Note 8: Long-term Borrowings

This line item consists of the following:

Bonds Payable 800,000

Premium on Bonds Payable 48,000
Long-term Borrowings 848,000

Note 9: Retained Earnings

This line item consists of the following:

Retained Earnings 1,234,000

Impairment Loss -30,000
Long-term Borrowings 1,204,000
 Bill Company
Statement of Financial Position
For Year Ended December 31, 2017

ASSETS
Current Assets:
Cash and Cash Equivalents P 230,000
Trade and other Receivables 510,000
Inventory 600,000
Trading Securities 320,000
Prepaid Expenses 120,000
Office Supplies 80,000
Total Current Assets 1,860,000

Noncurrent Assets
Investment in Equity Securities 1,030,000
Property, Plant and Equipment 3,450,000
Intangible Asset, net 470,000
Total Noncurrent Assets 4,950,000
Total assets P6,810,000

LIABILITIES AND SHAREHOLDER’S EQUITY

Current Liabilities:
Unearned Rent (for 3 months) P90,000
Trade and other Payables 1,390,000
Financial Liabilities 1,000,000
Total Liabilities 2,480,000

Shareholder’s Equity
Ordinary Share Capital, P10 par P 1,200,000
Share Premium 1,040,000
Treasury Shares (at cost) -330,000
Retained Earnings 2,420,000
Total Shareholder’s Equity 4,330,000
Total Liabilities and Shareholder’s Equity P6,810,000
Accounts Receivable 590,000
Allowance for Bad Debts -80,000
Trade and other Receivables 510,000

Land 810,000
Building and Equipment 3,560,000
Accumulated Depreciation B&E -920,000
Property, Plant and Equipment 3,450,000

Accounts Payable 990,000

Salaries Payable 150,000
Taxes Payable 250,000
Trade and other Payables 1,390,000

Bonds Payable (due 2012) 1,100,000

Discount on Bonds Payable -100,000
Financial Liabilities P 1,000,000