STATEMENT OF FINANCIAL POSITION DATA ENTRY

FP stands for Statement of Financial Position. It is another term for the balance sheet, which provides a snapshot of a company's financial condition at a specific point in time. The SFP includes three main components:

Assets – What the company owns (e.g., cash, accounts receivable, inventory).
Liabilities – What the company owes (e.g., loans, accounts payable).
Owner's Equity – The residual interest in the assets of the entity after deducting liabilities (e.g., owner's capital, retained earnings).
The SFP is structured around the basic accounting equation:
Assets = Liabilities + Owner’s Equity.

1. Assets Current Assets Cash: ₱12,000 Accounts Receivable: ₱8,000 Inventory: ₱15,000 Prepaid Expenses: ₱1,500 Non-Current Assets Property, Plant, and Equipment: Land: ₱30,000 Buildings: ₱50,000 Equipment: ₱20,000 Less: Accumulated Depreciation: (₱10,000) Intangible Assets: Patents: ₱5,000 Investments: ₱7,000 Liabilities Current Liabilities Accounts Payable: ₱9,000 Short-term Loans: ₱4,000 Accrued Expenses: ₱1,200 Non-Current Liabilities Long-term Loans: ₱20,000 Owner’s Equity Owner’s Capital: ₱25,000 Retained Earnings: ₱10,800 Instructions for Activity Record the Data : Input this data into a blank SFP template. Ensure each item is correctly classified under assets, liabilities, or owner’s equity. Prepare the SFP : Using the data entered, prepare a completed Statement of Financial Position, following the standard format with proper classifications and totals. Review and Reconcile : After preparing the SFP, check that the total assets equal the sum of total liabilities and owner’s equity. Analyze : Analyze the SFP to identify the financial position of the business, including liquidity and solvency indicators. Company Name: Peejong’s Business Center

2. Company Name Statement of Financial Position As of [Date] Assets Amount Current Assets   Cash and Cash Equivalents [Amount]   Accounts Receivable (Net) [Amount]   Inventories [Amount]   Prepaid Expenses [Amount]   Other Current Assets [Amount] Total Current Assets [Amount] Non-Current Assets   Property, Plant, and Equipment [Amount]   Intangible Assets [Amount]   Long-Term Investments [Amount]   Deferred Tax Assets [Amount]   Other Non-Current Assets [Amount] Total Non-Current Assets [Amount] Total Assets [Amount] Liabilities and Equity Current Liabilities   Accounts Payable [Amount]   Short-Term Loans [Amount]   Accrued Expenses [Amount]   Unearned Revenue (Deferred) [Amount]   Other Current Liabilities [Amount] Total Current Liabilities [Amount] Non-Current Liabilities   Long-Term Debt [Amount]   Deferred Tax Liabilities [Amount]   Provisions [Amount]   Other Non-Current Liabilities [Amount] Total Non-Current Liabilities [Amount] Total Liabilities [Amount] Equity   Share Capital [Amount]   Retained Earnings [Amount]   Revaluation Surplus (if any) [Amount]   Other Components of Equity [Amount] Total Equity [Amount] Total Liabilities and Equity [Amount]

3. Essay type: What is the main purpose of the Statement of Comprehensive Income? Explain the difference between revenue and expenses. How does accrual accounting differ from cash accounting?