Accounts payable 500,000 Accounts receivable 400,000 Accumulated depreciation - Property and equipment 100,000 Cash 500,000 Finished goods - December 31 Goods in process - December 31 Net Income for the current year Property and equipment 450,000 750,000 1,000,000 3,000,000 Raw materials - December 31 500,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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4. What amount should be reported as total assets at the end of the period?
HELL'S KITCHEN Company has the following accounts information for the year ended
December 31, 2021. as it was organized only on January 1, 2021:
Accounts payable
500,000
Accounts receivable
400,000
Accumulated depreciation - Property and equipment
100,000
Cash
500,000
Finished goods - December 31
Goods in process - December 31
Net Income for the current year
Property and equipment
450,000
750,000
1,000,000
3,000,000
Raw materials - December 31
500,000
The company was organized on January 1, 2021 by issuing 25,000 ordinary shares of P100 par
value being issued in exchange for property and equipment worth P3,000,000 and cash of
of P1,000,000.
Transcribed Image Text:HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. as it was organized only on January 1, 2021: Accounts payable 500,000 Accounts receivable 400,000 Accumulated depreciation - Property and equipment 100,000 Cash 500,000 Finished goods - December 31 Goods in process - December 31 Net Income for the current year Property and equipment 450,000 750,000 1,000,000 3,000,000 Raw materials - December 31 500,000 The company was organized on January 1, 2021 by issuing 25,000 ordinary shares of P100 par value being issued in exchange for property and equipment worth P3,000,000 and cash of of P1,000,000.
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