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Summa Company Financial Position 2020

The document presents the statement of financial position for Summa Company as of December 31, 2020. It includes current assets of $4.83 million including cash, receivables, inventory, and prepaid expenses as well as non-current assets of $6.57 million including property, equipment, and intangible assets. Current liabilities total $4.05 million and non-current liabilities are $0.65 million, with total equity of $6.7 million.

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Elirose O. Baladjay
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8 views2 pages

Summa Company Financial Position 2020

The document presents the statement of financial position for Summa Company as of December 31, 2020. It includes current assets of $4.83 million including cash, receivables, inventory, and prepaid expenses as well as non-current assets of $6.57 million including property, equipment, and intangible assets. Current liabilities total $4.05 million and non-current liabilities are $0.65 million, with total equity of $6.7 million.

Uploaded by

Elirose O. Baladjay
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

SUMMA COMPANY

Statement of FInancial Position


December 31, 2020

ASSETS

Current Assets: Note


Cash and Cash Equivalents (1) 700,000
Bond sinking fund 2,000,000
Trade and other receivables (2) 830,000
Inventory 1,200,000
Prepaid expenses 100,000
Total current assets 4,830,000

Non-current Assets:
Property, plant and equipment (3) 5,500,000
Investment Property 700,000
Intangible Asset (4) 370,000
Total non-current assets 6,570,000
Total assets 11,400,000

LIABILITIES AND EQUITY

Current Liabilities:
Trade and other payables (5) 2,050,000
Bonds payable due June 30, 2021 2,000,000
Total current liabilities 4,050,000

Non-current liability:
Deferred tax liabilities 650,000

Equity:
Share Capital (6) 3,500,000
Reserves (7) 500,000
Retained earnings 2,700,000
Total Equity 6,700,000
Total Liabilities and Equity 11,400,000

Note 1 - Cash and Cash Equivalents


Cash on hand 50,000
Cash in bank 650,000
Total 700,00
Note 2 - Trade and other receivables
Accounts receivable 650,000
Allowance for doubtful accounts (50,000)
Notes Receivable 200,000
Accrued interest receivable 30,000
Total 830,000

Note 3 - Property, plant and equipment


Land 1,000,000
Building 5,500,000
Furniture and equipment 2,400,000
Total 8,900,000
Accumulated depreciation (3,400,000)
Carrying amount 5,500,000

Accumulated depreciation:
Building 2,500,000
Furniture and equipment 900,000
Total accumulated depreciation 3,400,000

Note 4 - Intangible assets


Patent 370,000

Note 5 - Trade and other payables


Accounts payable 1,000,000
Notes payable 850,000
Accrued taxes 50,000
Other accrued liabilities 150,000
Total 2,050,000

Note 6 - Share Capital


Authorized share capital, 50,000 shares P100 par 5,000,000
Unissued share capital (2,000,000)
Subscribed share capital, 2,000 shares 1,000,000
Subscription receivable (500,000)
Paid in capital 3,500,000

Note 7 -Reserves
Share premium 300,000
Retained earnings appropriated for contingencies 200,000
Total 500,000

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