Make an account form statement of financial position on December 31, 2017 with appropriate notes to financial statements.

Problem 1-2 Modesto Company provided the following information from its trial balance on December 31,2017. Notes Receivable P 250,000 Accrued salaries 100,500 SSS premium payable 15,600 Accumulated depreciation- furniture 35,800 Equipment 650,000 Accumulated depreciation equipment 50,000 Deferred commission income 90,000 Interest receivable 264,900 Furniture 850,000 Advances to employees 750,000 Prepaid rent 65,000 Inventories 285,900 Notes payable 500,000 Cash and cash equivalent ? Allowance for bad debts 20,000 Accrued utilities 85,000 Modesto, capital 1,256,850 Accounts receivable 455.650 Philhealth and Pag-ibig payable 78,000 Prepaid Insurance 95,500 Petty cash fund 10,000 Withholding tax payable 254,000 Supplies 215,600 Patent 300,000 Marketable securities 350,000 Mortgage Payable 2,000,000 Accrued interest 120,000 Advances from officers 83,000 Accounts payable 65.000 Required: Prepare an account form statement of financial position on December 31,2017 with appropriate notes to financial statements