2. Ascertain the missing items (A-L) in the following independent situations. (Note: You do not have to find the answers in any particular sequence.) 1 2 Assets, January 1 Assets, December 31 Liabilities, January 1 Liabilities, December 31 Owners' equity, January 1 Owners' equity, December 31 Revenues Expenses Contributions by owners Withdrawals by owners Net income $ 5,000 $ 8,000 A $3,000 $3,000 B $20,000 $18,500 C 500 D E F $ 2,000 $ 2,200 $ 4,000 $ 4,800 $ 15,000 G H 2,200 2,000 3 I $9,000 $3,000 J K $ 7,000 L $ 20,000 $0 $3,000 $5,000

2. Ascertain the missing items (A-L) in the following independent situations. (Note: You do not have to find the answers in any particular sequence.) 1 2 Assets, January 1 Assets, December 31 Liabilities, January 1 Liabilities, December 31 Owners' equity, January 1 Owners' equity, December 31 Revenues Expenses Contributions by owners Withdrawals by owners Net income $ 5,000 $ 8,000 A $3,000 $3,000 B $20,000 $18,500 C 500 D E F $ 2,000 $ 2,200 $ 4,000 $ 4,800 $ 15,000 G H 2,200 2,000 3 I $9,000 $3,000 J K $ 7,000 L $ 20,000 $0 $3,000 $5,000

Name: 2. Ascertain the missing items (A-L) in the following independent sit
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Description: 2. Ascertain the missing items (A-L) in the following independent situations. (Note:You do not have to find the answers in any particular sequence.)12Assets, January 1Assets, December 31Liabilities, January 1Liabilities, December 31Owners' equity, J

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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On May 1, 20x1, the statement of financial position of Juan and Pablo appear below: Juan Pablo 44,708 1,135,780 520,204 Cash Accounts receivable 22,000 469,072 240,070 1,206,000 Inventories Land Building Furniture and fixtures 100,690 4,000 2,041,832 856,534 69,578 7,200 2,634,004 Other assets Total assets Accounts payable Notes payable Juan, Capital Pablo, Capital Total liabilities and equity 357,880 400,000 1,283,952 487,300 690,000 2,041,832 1,456,704 2,634,004 Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to the following adjustments: a. Accounts receivable of P40,000 in Juan's books and P70,000 in Pablo's books are uncollectible. b. Inventories of P11,000 and P13,400 are worthless in Juan's and Pablo's respective books. c. Other assets of P4,000 and P7,200 in Juan's and Pablo's respective books are to be written off. Required: 1. What are the adjusted capital balances of the partners after formation? 2. Pedro offered to join…
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Please answer required a and b
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