Republic of the Philippines

Department of Education
Region 02
Division of Cagayan
CAGAYAN NATIONAL HIGH SCHOOL

COMPREHENSIVE PROBLEM 1
PREPARATION OF STATEMENT OF FINANCIAL POSITION

RRJ CORP. POST- CLOSING TRIAL BALANCE SHOW THE FOLLOWING INFORMATION ON
DECEMBER 31, 2018:

ACCOUNTS DR CR

Cash P50, 000

Accounts Receivable 150, 000
Allowance for Bad Debts P25, 000
Notes Receivable (trade) 18, 000
Inventory 150, 000
Prepaid Supplies 25, 000
Prepaid Rent 35, 000
Prepaid Insurance 20, 000
Land 1, 000, 000
Building 2, 200, 000
Accumulated Depreciation- Building 1, 500, 000
Machineries 750, 000
Accumulated Depreciation- machines 250, 000
Accounts Payable 150, 000
Notes Payable (short term loan) 200, 000
Notes Payable- long term (P50,000 due in 1 yr) 1, 400, 000
Interest Payable 55, 000
Salaries Payable 145, 000
Utilities Payable 38, 000
Unearned Income 45, 000
Owner’s Capital 590, 000
TOTALS P4, 398, 000 P4, 398, 000

REQUIREMENT: Prepare a Statement of Financial Position

Prepared by:
AR-JAY C. ROMERO