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Business
Accounting
2023 2022 Property Plant and Equipment Land  Buildings Equipment and furnishing 6 00055 00025 000 6 00052 00023 000   86 000 81 000 Current assets: Cash  Marketable securities Accounts Receivable Inventory  Prepaid expenses 80045012 00020 000250 70030011 00017 000300   33 500 29 300 Total assets 120 000 110 850 Equity and Liabilities     Equity Preferred stock (P100 value at 8%) Common stock (Par value=P2.00 each) Additional paid-up capital Retained earnings 6 00025 0004 00035 000 6 00024 0003 80029 000   70 000  62 800  Current Liabilities  Accounts payable Accrued expenses Notes payable 7 5002 2003 000 7 0502 1003 200   12 700 12 350 LonLong term liabilities Bonds payable (Face value = P1000.00) g term liabilities  37 300 35 700 Total liabilities  50 000 48 050 Total equity and liabilities 120 000 110 0850       Extracts from the income statements           Revenue  25 000 23 000 Cost of sales (13 000)  (14 000)    12 000 9 000 Expenses  Interest  Other 10003000  8003200

2023 2022 Property Plant and Equipment Land  Buildings Equipment and furnishing 6 00055 00025 000 6 00052 00023 000   86 000 81 000 Current assets: Cash  Marketable securities Accounts Receivable Inventory  Prepaid expenses 80045012 00020 000250 70030011 00017 000300   33 500 29 300 Total assets 120 000 110 850 Equity and Liabilities     Equity Preferred stock (P100 value at 8%) Common stock (Par value=P2.00 each) Additional paid-up capital Retained earnings 6 00025 0004 00035 000 6 00024 0003 80029 000   70 000  62 800  Current Liabilities  Accounts payable Accrued expenses Notes payable 7 5002 2003 000 7 0502 1003 200   12 700 12 350 LonLong term liabilities Bonds payable (Face value = P1000.00) g term liabilities  37 300 35 700 Total liabilities  50 000 48 050 Total equity and liabilities 120 000 110 0850       Extracts from the income statements           Revenue  25 000 23 000 Cost of sales (13 000)  (14 000)    12 000 9 000 Expenses  Interest  Other 10003000  8003200

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 10MCQ
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Question
  2023 2022
Property Plant and Equipment
 Land 
 Buildings
 Equipment and furnishing

6 000
55 000
25 000

 6 000
52 000
23 000
  86 000 81 000
Current assets:
 Cash 
 Marketable securities
 Accounts Receivable
 Inventory 
 Prepaid expenses		 800
450
12 000
20 000
250		 700
300
11 000
17 000
300
  33 500 29 300
Total assets 120 000 110 850
Equity and Liabilities    
Equity
 Preferred stock (P100 value at 8%)
 Common stock (Par value=P2.00 each)
 Additional paid-up capital
 Retained earnings		 6 000
25 000
4 000
35 000		 6 000
24 000
3 800
29 000
  70 000  62 800 
Current Liabilities 
 Accounts payable
 Accrued expenses
 Notes payable		 7 500
2 200
3 000		 7 050
2 100
3 200
  12 700 12 350
LonLong term liabilities
 Bonds payable (Face value = P1000.00) g term liabilities
 		 37 300 35 700
Total liabilities  50 000 48 050
Total equity and liabilities 120 000 110 0850
     
Extracts from the income statements    
     
Revenue  25 000 23 000
Cost of sales (13 000)  (14 000) 
  12 000 9 000
Expenses 
 Interest 
 Other		 1000
3000 		 800
3200 

 

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