12. During the year, Australian Company has an asset of 200,000 of which 110,000 is noncurrent assets. Australian Company have a current liability of 70,000 and paid it on due date. Total liability before the payment of current liability is 120,000. How much is the total equity? A. 100,000 B. 80,000 C. 60,000 D. 40,000 13. Total equity of Mrs. Shy is 300,000. She has a cash of 50,000 and prepaid expenses of 40,000. How much is the total noncurrent liability, if she has 20,000 current liability and noncurrent assets of 400,000? a) 160,000 b) 170,000 c) 180,000 d) 190,000 14. The following are accounts taken from trial balance of Jeremy Inc., January 31, 2019:
12. During the year, Australian Company has an asset of 200,000 of which 110,000 is noncurrent assets. Australian Company have a current liability of 70,000 and paid it on due date. Total liability before the payment of current liability is 120,000. How much is the total equity? A. 100,000 B. 80,000 C. 60,000 D. 40,000 13. Total equity of Mrs. Shy is 300,000. She has a cash of 50,000 and prepaid expenses of 40,000. How much is the total noncurrent liability, if she has 20,000 current liability and noncurrent assets of 400,000? a) 160,000 b) 170,000 c) 180,000 d) 190,000 14. The following are accounts taken from trial balance of Jeremy Inc., January 31, 2019:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:12. During the year, Australian Company has an asset of 200,000 of which 110,000 is noncurrent
assets. Australian Company have a current liability of 70,000 and paid it on due date. Total
liability before the payment of current liability is 120,000. How much is the total equity?
A. 100,000
B. 80,000
C. 60,000
D. 40,000
13. Total equity of Mrs. Shy is 300,000. She has a cash of 50,000 and prepaid expenses of
40,000. How much is the total noncurrent liability, if she has 20,000 current liability and
noncurrent assets of 400,000?
a) 160,000
b) 170,000
c) 180,000
d) 190,000
14. The following are accounts taken from trial balance of Jeremy Inc., January 31, 2019:
Transcribed Image Text:11. Below are the accounts taken from MM Company, December 31, 2019:
Assets - 100,000, Current assets - 40,000, Total Equity - 60,000, Current liability - 10,000
How much is the noncurrent liability?
A. 50,000
B. 40,000
C. 30,000
D. 20,000
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