Requirements:A. Prepare a Statement of Financial PositionB. Determine the Net Income Comprehensive Illustrative Problem: Mira's StoreOn February 1, 2024, Mira Delmar opened a store a storethat sells school supplies. Her main customers are the studentsand teachers of Happy Students School that is situated in frontof her store. Mira wanted to know the financial position ofMira's Store. Mira knew you were studying accounting so heasked for your help.The following information were made available to you:1. to start her, business, Mira opened a checking account in thename of Mira's Store. The statement of account from the bankshows that the checking account has a balance of P31,535 as ofDecember 31, 2024.2. Mira told you that she keeps P1,000, in small bills and coins,in her store which she uses as a change (sukli) fund.3. As of December 31, 2024, cash on hand from sales andcollections for the day amounted to P12,000. This does notinclude Mira's change fund.4. Mira showed you a delivery receipt for P575. The receiptdated December 29, 2024 showed that manila papers and colormarkers were delivered to a Ms. Rebecca Di who is a gradeschool teacher in Happy Students School. Ms. Di noted on thedelivery receipt that she will pay Mira on January 15, 2025.5. Mira's Store is located on the ground floor of a commercialbuilding. The commercial unit costs her P5,000 per month forrent. As of December 31, 2024, Mira's store has a remainingone month advance rent with the landlord.6. Mira purchased shelves and cabinets amounting to P30,000to be used as display racks and storage for her store. The shelvesand cabinets are expected to be used in the store for 5 years.Mira started using the shelves and cabinets on December 1,2024.7. After closing the store on December 31, 2024, Mira countedall the unsold merchandise inside the store. Mira does not haveany other storage space except for the store premises. Based onMira's count, the remaining unsold merchandise costs P15,345.8. Mira showed you a folder where she kept her unpaid receiptsand bills. You noted the following:a. A sales invoice dated December 35, 2024 from long lastingBallpoint Pens Incorporated amounting to P2,645. The invoicetoum in dar 2024.7. After closing the store on December 31, 2024, Mira countedall the unsold merchandise inside the store. Mira does not haveany other storage space except for the store premises. Based onMira's count, the remaining unsold merchandise costs P15,345.8. Mira showed you a folder where she kept her unpaid receiptsand bills. You noted the following:a. A sales invoice dated December 35, 2024 from long lastingBallpoint Pens Incorporated amounting to P2,645. The invoiceterm is 30 days.b. A sale invoice from Papier Paper Company dated December15, 2024 for P5,465. The payment terms on the invoice is 40days.c. A Meralco bill for electricity consumption from December 1-31 for P3,400. The bill is payable on January 15, 2025.d. February PLDT bill for P600. The bill is payable on January17, 2025.e. Mira hired Emily to help her inside the store. Emily's salaryis P500/day. Emily's wages were paid on December 30, 2024for work rendered until December 29. Her pay for December 30and 31 will be included in her January wages.9. Mira showed you an official receipts for P1,395. She told youthat this is a down payment from Ms. Benny Ling, a grade 5teacher in Happy Students School. Ms. Ling ordered green, red,and blue poster paints for her students. The total price of theorder was P2,790. According to their agreement, Mira willdeliver the paints on January 3, 2025.10. On December 30, 2024, Mira borrowed P23,000 from herbank. She took advantage of the bank's special term for smallentrepreneurs. She signed a promissory note for her loan. Theprincipal is payable on December 30, 2026. The interest ispayable monthly beginning January 31, 2025.11. Mira started her business by depositing P30,000 to open thechecking account. On October 15, 2024, the business is in needof additional cash so Mira deposited P5,000 to the checkingaccount. Mira also withdrew P15,000 from the business overthe year.Requirements:1. Prepare a classified Statement of Financial Position forMira's Store as of December 31, 2024.2. Determine net income for the month- ended December 31,2024.1. Define the terms of Statement of Financial Position andintroduce the term Permanent AccountsStatusial Decitilang

Name: Requirements:A. Prepare a Statement of Financial PositionB. Determine
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Requirements:A. Prepare a Statement of Financial PositionB. Determine the Net Income Comprehensive Illustrative Problem: Mira's StoreOn February 1, 2024, Mira Delmar opened a store a storethat sells school supplies. Her main customers are the student

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Statement of Financial Position
The balance sheet is often known as a statement of financial…