Activity 1.2 SFP - Lesson 1

Assets that can be realized (collected, sold, used up) one year after year-end date.

• Current Asset

• Current Liability

• Non current Asset

• Non current Liability

Assets that cannot be realized (collected, sold, used up) one year after year end date.

• Current Assets

• Current Liability

• Non current Asset

• Non current Liability

A form of the SFP that shows asset accounts first and then liabilities and owner’s equity accounts after.

• Account Form

• Report Form

• Direct Form

• Indirect Form

ABM Company’s total liabilities amounted Php 10,000. Total equity had an ending balance of Php 20,000. How much is total assets?

Happy Selling’s had the following accounts at year end: Cash-250,000, Accounts Payable-70,000, Prepaid Expense-15,000. Compute for the company’s current assets.

The assets of the business at the start of the month are P1,000,000 and owner's equity is P800,000. Equipment worth P500,000 were purchased during the month of which only P150,000 were paid for. At the end of the month, liabilities will become ______

On January 1, the assets were P500,000 and the liabilities were P200,000. During the year the assets increased by P100,000 and the liabilities decreased by P50,000. Owner's Equity on Dec. 31 was: