PREPARATION OF FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL POSITION

STATEMENT OF FINANCIAL PERFORMANCE

1. ISM Industries provided the following account balance on December 31, 2019

Share capital	5,000,000.00
Share premium	500,000.00
Retained Earnings	880,000.00
Serial bonds payable (Php500,000.00 due every July 1 of each year)	2,500,000.00
Employees income tax payable	20,000.00
Notes payable	100,000.00
Accrued expenses	30,000.00
Accrued interest on note payable	10,000.00
Income tax payable	60,000.00
Allowance for doubtful accounts	50,000.00
Advances from customers	100,000.00
Accounts receivable	500,000.00
Accumulated depreciation Building	1,600,000.00
Accumulated depreciation Machinery	1,300,000.00
Investment in Bonds	1,500,000.00
Land	1,500,000.00
Machinery	2,000,000.00
Factory Supplies	50,000.00
Notes Receivable	150,000.00
Building	4,000,000.00
Cash	420,000.00
Claim receivable	20,000.00
Finished Goods	400,000.00
Franchise	200,000.00
Goods in process	600,000.00
Prepaid insurance	20,000.00
Raw Materials	200,000.00
Trading Securities	250,000.00
Tools	40,000.00
Goodwill	100,000.00
Plant expansion fund	500,000.00
Accounts payable	300,000.00

Required: Prepare a properly classified statement of financial position on December 31, 2019.