Prepare the Statement of Financial Position in good form. Include all of the notes to the financial position. 2. The following account balances were provided by TOP Corporation as of December 31, 2022:Notes receivable-tradeNotes payable-tradeIncome tax payableCash on handAccounts receivable-tradeFinished goodsClaims receivableGoods in processFactory suppliesOffice suppliesCash in bankRaw materialsOrdinary shares, P100 parAllowance for doubtful accountsLandPrepaid insuranceMortgage payableBuildingShare premiumRetained earningsAccounts payableWarranty payableRetained earnings appropriated for contingenciesAccumulated depreciation-buildingBonds payable2,500,000500,0002,000,000900,000200,000400,000100,00040,0001,400,000300,0002,500,000180,0003,000,0001,200,000250,0004,000,000200,0001,000,000500,0002,860,000510,000300,000500,0001,500,0001,200,000Required: Prepare the statement of financial position in good form. Include all of the notes to theFinancial Position.

Statement of Financial Position Name of the company : TOP corporation as on 31st…

Answered: Prepare the Statement of Financial…

Business

Accounting

Prepare the Statement of Financial Position in good form. Include all of the notes to the financial position.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?
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