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