Ackerman Limousine Service Balance Sheet December31, 2020 Assets Cash P 16,000 Accounts Receivable 2,500 Automobile Supplies 1,200 Limousines 38,000 Total Asset P 57,700 Liabilities and Capital Accounts Payable P 3,200 Notes Payable 30,350 Total Liabilities P 33,550 Mikasa Ackerman, Capital 24,150 Total Liabilities and Capital P 57,700 5. What is the total equity of the Ackerman Limousine Service? 6. What is the total amount of Mikasa Ackerman's claims against the total assets of the business? 7. What is the amount of the creditor's claims against the assets of the business?
Ackerman Limousine Service Balance Sheet December31, 2020 Assets Cash P 16,000 Accounts Receivable 2,500 Automobile Supplies 1,200 Limousines 38,000 Total Asset P 57,700 Liabilities and Capital Accounts Payable P 3,200 Notes Payable 30,350 Total Liabilities P 33,550 Mikasa Ackerman, Capital 24,150 Total Liabilities and Capital P 57,700 5. What is the total equity of the Ackerman Limousine Service? 6. What is the total amount of Mikasa Ackerman's claims against the total assets of the business? 7. What is the amount of the creditor's claims against the assets of the business?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Ackerman Limousine Service
Balance Sheet
December31, 2020
Assets
Cash
P 16,000
Accounts Receivable
2,500
Automobile Supplies
1,200
Limousines
38,000
Total Asset
P 57,700
Liabilities and Capital
Accounts Payable
P 3,200
Notes Payable
30,350
Total Liabilities
P 33,550
Mikasa Ackerman, Capital
24,150
Total Liabilities and Capital
P 57,700
5. What is the total equity of the Ackerman Limousine Service?
6. What is the total amount of Mikasa Ackerman's claims against the total assets of the business?
7. What is the amount of the creditor's claims against the assets of the business?
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