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    Description Account Title SFP Element: Accounts Payable

    Uploaded by

    Enrique Bongais
    1. This document provides instructions and examples for classifying accounts into assets, liabilities, and equity for a sample balance sheet. 2. It lists common accounts and their classification as either current or non-current assets, current or non-current liabilities, or equity. 3. The last activity asks the reader to make their own personal balance sheet by listing assets owned, liabilities owed, and calculating personal equity.

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    Description Account Title SFP Element: Accounts Payable

    Uploaded by

    Enrique Bongais
    774 views4 pages
    1. This document provides instructions and examples for classifying accounts into assets, liabilities, and equity for a sample balance sheet. 2. It lists common accounts and their classification as either current or non-current assets, current or non-current liabilities, or equity. 3. The last activity asks the reader to make their own personal balance sheet by listing assets owned, liabilities owed, and calculating personal equity.

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    Original Title

    FABM2

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    1. This document provides instructions and examples for classifying accounts into assets, liabilities, and equity for a sample balance sheet. 2. It lists common accounts and their classification as either current or non-current assets, current or non-current liabilities, or equity. 3. The last activity asks the reader to make their own personal balance sheet by listing assets owned, liabilities owed, and calculating personal equity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    774 views4 pages

    Description Account Title SFP Element: Accounts Payable

    Uploaded by

    Enrique Bongais
    1. This document provides instructions and examples for classifying accounts into assets, liabilities, and equity for a sample balance sheet. 2. It lists common accounts and their classification as either current or non-current assets, current or non-current liabilities, or equity. 3. The last activity asks the reader to make their own personal balance sheet by listing assets owned, liabilities owed, and calculating personal equity.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    Activity 1: "HULA ME" Directions:

    1. Guess the account tide being described in each sentence.


    2. Identify what element of SFP (Assets, Liabilities or Equity) it is listed/ included.
    3. Write your answers on the columns provided

    Description Account title SFP Element


    1. I am used as a medium of
    exchange in business
    transactions. I may be held on Current Assets Assets
    hand or put in banks for
    safekeeping.
    2. I can be in the form of cash or
    other assets invested by the Capital Equity
    owner to start- up a business.
    3. I am items held for resale. Inventories Assets
    4. I am expenses paid in advance. Prepaid expenses Assets
    5. I am expenses incurred but not Accrued Expenses Liabilities
    yet paid.
    6. I am amounts due to suppliers
    for the purchase of goods or Accounts Payable Liabilities
    services received on account.
    7. I am an amount taken by the
    owner from the business for Withdrawal Equity
    personal use.
    8. I am an account due with
    supporting promissory notes. Notes Payable Liabilities
    9. I am an account due from
    customers as a result of sale of Receivables Assets
    goods or for services rendered.
    10 I have a long-life and acquired
    . for use in business operations. Long- term investments Assets
    Activity 2: "LET'S CLASSIFY"

    Directions: Determine the classification of the following accounts as to ASSET,


    LIABILITY AND treated as to CURRENT OR NON- CURRENT.

    No. ACCOUNT TITLE ACCOUNT CLASSIFICATION


    1. Cash Asset Current
    2. Furniture and Fixtures Asset Non-Current
    3. Land Asset Non-Current
    4. Notes Payable Liability Current
    5. Notes Receivable Asset Current
    6. DSD, Capital Liability Non-Current
    7. Accounts Receivable Asset Current
    8. Vehicle Asset Non-Current
    9. Building Asset Non-Current
    10. Taxes Payable Liability Current
    11. Mortgage Payable Liability Non-Current
    12. DSD, Drawings Equity
    13. Prepaid Rent Asset Current
    14. Utilities Payable Liability Current
    15. Marketable Securities Asset Non-Current

    Activity 3: 'OWNED and OWED KO" (Make your own SFP)

    Direction:

    1. On a separate sheet of paper, make a list of your savings (if you have any) and
    then everything that you personally own (cellphone, clothes, accessories, bags,
    jewelries, etc.). Make sure to estimate the amounts/values of what you have
    listed.

    2. Next is to list down what you owed from your parents, other family members and
    friends.
    3. Deduct the amount you awe (liabilities) from the amount of what you own
    (assets).

    4. Determine what was left of you (equity).


    Josh Trading
    Classified Balance Sheet
    As of December 31, 2019

    ASSETS
    Current Assets
    Cash Php 50.000.00

    Account Receivable 220,000.00


    Sales Returns and Allowances 11,000.00
    Merchandise Inventory, December 31, 2019 80,000.00
    Merchandise Inventory, January 1, 2019 100,000.00
    Purchase Returns and Allowances 2,000_00
    General and Administrative Expense 200,000.00
    Prepaid Rent 100,000.00
    Office Supplies 30,000.00
    Sales 1,050,000.00
    Sales Discounts 29,000.00
    Total Current Assets
    Non-Current Assets
    Accumulated Depreciation 50,000.00
    Purchases 400,000.00
    Office Equipment 220,000.00
    Transportation-ln 10,000.00
    Total Non-Current Assets

    Total Assets

    Liabilities
    Current Liabilities
    Accounts Payable 100,000.00
    Notes Payable 200,000.00
    Purchase Discounts 8,000.00 CL

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