Instruction: Fill in the blanks the correct answer to the question. Answer only1. Learning is Fun Company had current assets amounting to Php 100,000. Noncurrent assets forthe year totaled Php 76,000. How much is the company's total assets? Answer: .2. Happy Selling Company's total liabilities amounted Php 10,000. Total equity had an endingbalance of Php 20,000. How much is total assets?Answer:3. Happy Selling's had the following accounts at year end: Cash-250,000, Accounts Payable-70,000, and Prepaid Expense-15,000. Compute for the company's current assets. Answer:4. Happy Selling's Accounts Receivable amounted to Php 500,000. Prepaid Expense andUnearned Income totaled Php 30,000 and Php 10,000 respectively. Cash balance amounted toPhp 100,000 while Accounts Payable and Inventory totaled to Php 20,000 and Php 10,000respectively. How much is the company's current assets? Current liabilities? Answer:and5. Company's Total Liabilities and Equity amounted to Php 285,000. Total noncurrent assetsended at Php 85,000. Cash totalled Php50,000. Inventory amounted to Php100,000. Assumingthe company had no other assets, how much is Accounts Receivable? Answer: .6. Total assets amounted to Php575,000. Total equity amounted to Php 250,000. AccountsPayable amounted to Php 50,000 while Unearned Income totalled Php 85,000. Assuming thereare no other current liabilities, compute for the company's noncurrent liabilities. Answer:

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Answered: 1. Learning is Fun Company had current…

1. Learning is Fun Company had current assets amounting to Php 100,000. Noncurrent assets for the year totaled Php 76,000. How much is the company's total assets? Answer:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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