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  • Lucky Me Company Statement of Financial Position As of June 30, 2X18

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    Bae MaxZ
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    The Lucky Me Company's statement of financial position as of June 30, 2X18 shows total assets of P18,700 consisting of current assets of P6,200 in cash and non-current assets of P12,500 in equipment. Total liabilities are P1,850 comprising current liabilities of P650 in accounts payable and P1,200 in wages payable. Owner's equity includes an investment of P12,500, drawings of P1,450, and an income summary of P5,800, with total liabilities and owner's equity equaling P18,700.

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    Accounting

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    01 Activity 2 Ortiz

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    The Lucky Me Company's statement of financial position as of June 30, 2X18 shows total assets of P18,700 consisting of current assets of P6,200 in cash and non-current assets of P12,500 in equipment. Total liabilities are P1,850 comprising current liabilities of P650 in accounts payable and P1,200 in wages payable. Owner's equity includes an investment of P12,500, drawings of P1,450, and an income summary of P5,800, with total liabilities and owner's equity equaling P18,700.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    781 views2 pages

    Lucky Me Company Statement of Financial Position As of June 30, 2X18

    Uploaded by

    Bae MaxZ
    The Lucky Me Company's statement of financial position as of June 30, 2X18 shows total assets of P18,700 consisting of current assets of P6,200 in cash and non-current assets of P12,500 in equipment. Total liabilities are P1,850 comprising current liabilities of P650 in accounts payable and P1,200 in wages payable. Owner's equity includes an investment of P12,500, drawings of P1,450, and an income summary of P5,800, with total liabilities and owner's equity equaling P18,700.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 2

    Lucky Me Company

    Statement of Financial Position


    As of June 30, 2X18

    Asset

    Current Assets
    Cash P 6,200
    Total Current Assets P 6,200

    Non - Current Assets


    Equipment P 12,500
    Total Assets P 18,700

    Liabilities
    Liabilities
    Current Liabilities
    Accounts Payable P 650
    Wages Payable 1200
    Total Liabilities P 1,850

    Owner's Equity
    Investment by Owner P 12,500
    Drawings by Owner -1,450
    Income Summary P 5,800
    Total Liabilities & Owner's Equity P 18,700

    Income Summary Computation


    Expenses
    Noodles P 22,800
    Seasonings P 17,300
    Employees wages and benefits P 10,700
    Lease Payment P 24,000
    Utilities P 3,200
    Advertising P 900
    Miscellanous P 300
    Total Expenses P 79,200

    Revenue Expenses
    Revenue P 85,000
    Expenses P 79,000
    Income Summary P 5,800

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