You were hired by Ms. Annalyn Chua to prepare her General Merchandise Statement of Financial Position. In order to prepare the statement, you identified the following assets and liabilities of Ms. Chua.
a. Cash deposited in a bank account amounting to P50,000
b. Store had a lot of uncollected sales from customers amounting to P75,000
c. The total amount of merchandise left inside the store is P30,000
d. She already paid one year’s rent in advance amounting to P12,000
e. The value of all the company’s furniture amounted to P100,000
f. She bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end
g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000
h. The store had outstanding liabilities to utility companies amounting to P3,000
i. She had a loan from the bank amounting to P50,000 to be paid in 3 year