What the normal balance bonds payable point

Deadline: Thursday, 12:00 PM

PART I- THEORIES
1. Which of the following attributes will classify an item which can be seen as a liability in the Statement of Financial Position? (1 point)

6.	d.	The COS for service entities is equal to the adjusted market selling price.
6.	Explain why the three items you have not chosen above are incorrect. (4 points)

Directions: Improvise a Statement of Financial Position based from the given accounts below in ACCOUNT FORM.

The Gelo Corporation has the following balances provided for the year 2020:

The Mirriam Company has the following SCI balances at the end of the year. Prepare an SCI which contains the determination of net income and comprehensive income for the period.

Gross Profit = ₱ 2,580,750
Operating Profit = ₱ 1,554,330
Income Tax Expense = 25% of Operating Profit
Comprehensive Income = ₱ 2,000,000