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Seatwork 01 Statement of Financial Position

The document provides instructions for preparing a statement of financial position, including minimum line items to include under current assets, non-current assets, current liabilities, non-current liabilities, and shareholder's equity sections. It also lists account titles and note numbers to apply based on available data for Problem 1.

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Christine Joy Lanaban
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68 views3 pages

Seatwork 01 Statement of Financial Position

The document provides instructions for preparing a statement of financial position, including minimum line items to include under current assets, non-current assets, current liabilities, non-current liabilities, and shareholder's equity sections. It also lists account titles and note numbers to apply based on available data for Problem 1.

Uploaded by

Christine Joy Lanaban
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Seatwork 01: Statement of Financial Position

Base on the data below prepare a properly classified statement of financial position with notes on
Problem 1. Applying the minimum line items to be presented in the statement of financial position
use the following group of account titles: Adjust note numbers base on the available data of the
problem (For example if deferred tax asset is not in the problem note 9 will be for long-term
investment and so on.).

Current assets: Note Non-current assets: Note


Cash and cash equivalents 1 Property, plant and equipment 6
Short-term investments 2 Intangible assets 7
Trade and other receivables 3 Investment property 8
Inventories 4 Deferred tax asset 9
Prepaid expenses 5 Long-term investments 10
Other non-current assets 11

Current liabilities: Non-current liabilities:


Trade and other payables 12 Non-current portion of long-term debt 16
Short-term payables 13 Long-term payables 17
Current portion of long-term debt 14 Lease liabilities 18
Income tax payable 15 Deferred tax liabilities 19
Other non-current liabilities 20
Shareholder’s equity:
Share capital 21
Reserves 22
Retained earnings 23
PROBLEM 1 : Preparation of a properly formatted statement of financial position.
PROBLEM 2 : Computation

Required:
a. Current assets
b. Non-current assets
c. Total assets
d. Current liabilities
e. Non-current liabilities
f. Total liabilities
g. Share capital
h. Reserves
i. Shareholder’s equity

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