An entity has the following assets and liabilities below. Illustrates current and noncurrent assets and current and noncurrent liabilities by identifying the current and noncurrent assets and liabilities. Cash P10,000 Accounts receivable Notes receivable (nontrade) - P30,000 due within 1 year Inventory Prepaid supplies Land Building Accumulated depreciation 20,000 50,000 65,000 5,000 100,000 400,000 (120,000) Accounts payable Accounts payable (nontrade) - P100,000 due within 1 year Rent payable (due within 1 yr) Utilities payable Interest payable Salaries payable Unearned income P30,000 500,000 10,000 5,000 100,000 400,000 120,000
An entity has the following assets and liabilities below. Illustrates current and noncurrent assets and current and noncurrent liabilities by identifying the current and noncurrent assets and liabilities. Cash P10,000 Accounts receivable Notes receivable (nontrade) - P30,000 due within 1 year Inventory Prepaid supplies Land Building Accumulated depreciation 20,000 50,000 65,000 5,000 100,000 400,000 (120,000) Accounts payable Accounts payable (nontrade) - P100,000 due within 1 year Rent payable (due within 1 yr) Utilities payable Interest payable Salaries payable Unearned income P30,000 500,000 10,000 5,000 100,000 400,000 120,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:An entity has the following assets and liabilities below. Illustrates current and noncurrent
assets and current and noncurrent liabilities by identifying the current and noncurrent assets
and liabilities.
Cash
Accounts receivable
Notes receivable (nontrade) - P30,000 due within 1 year
Inventory
Prepaid supplies
Land
Building
Accumulated depreciation
P10,000
20,000
50,000
65,000
5,000
100,000
400,000
(120,000),
Accounts payable
Accounts payable (nontrade) - P100,000 due within 1 year
Rent payable (due within 1 yr)
Utilities payable
Interest payable
Salaries payable
Unearned income
P30,000
500,000
10,000
5,000
100,000
400,000
120,000
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