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ASPIRE Corporation was organized and began its operations on January1 2019. The company failed to mantain a cash book and needs your help in determining its correct cash balance. Its records fo the first year of operations contains the following accounts and balances: Share Capital-ordinary Share Premium Land Inventory Building Equipment PL.500,000 150,000 69.000 1,000-000. 1:400 000 367 000 Accounts receivable Accounts payable Loan payable Sales Expenses (including depreciation of 400.000) P165,400 389,650 500.000 6,235 200 1005,150 Additional information is as follows: 1. Deposits in transit, December 31 2. Service charge for December 3. Outstanding checks, December 31 4. Bank balance, December 31 5. The company's gross profit rate is 30% P 384,660 2,000 475,000 892 000

ASPIRE Corporation was organized and began its operations on January1 2019. The company failed to mantain a cash book and needs your help in determining its correct cash balance. Its records fo the first year of operations contains the following accounts and balances: Share Capital-ordinary Share Premium Land Inventory Building Equipment PL.500,000 150,000 69.000 1,000-000. 1:400 000 367 000 Accounts receivable Accounts payable Loan payable Sales Expenses (including depreciation of 400.000) P165,400 389,650 500.000 6,235 200 1005,150 Additional information is as follows: 1. Deposits in transit, December 31 2. Service charge for December 3. Outstanding checks, December 31 4. Bank balance, December 31 5. The company's gross profit rate is 30% P 384,660 2,000 475,000 892 000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 16P
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Q1: How much is the unadjusted cash balance per transaction records? Q2: How much is the adjusted cash balance to ne reported on December 31, 2019?
Problem 03 ASPIRE Corporation was organized and began its operations on January1. 2019. The company failed to mantain a cash book and neds your help in determining its correct cash balance. Its records for the first year of operations contains the following accounts and balances: Share Capital-ordinary Share Premium Inventory Land Building Equipment PL.500,000 150,000 69,000 1.000,000, 1400 000 367 000 Accounts receivable Accounts payable Loan payable Salcs Expenses (including depreciation of 400.000) P 165,400 389,650 500.000 6,235 200 1.005.150 Additional information is as follows: 1. Deposits in transit, December 31 2. Service charge for December 3. Outstanding checks, December 31 4. Bank balance, December 31 5. The compay's gross profit räte is 30% P 384,660 2.000 475,000 892 000
Transcribed Image Text:Problem 03 ASPIRE Corporation was organized and began its operations on January1. 2019. The company failed to mantain a cash book and neds your help in determining its correct cash balance. Its records for the first year of operations contains the following accounts and balances: Share Capital-ordinary Share Premium Inventory Land Building Equipment PL.500,000 150,000 69,000 1.000,000, 1400 000 367 000 Accounts receivable Accounts payable Loan payable Salcs Expenses (including depreciation of 400.000) P 165,400 389,650 500.000 6,235 200 1.005.150 Additional information is as follows: 1. Deposits in transit, December 31 2. Service charge for December 3. Outstanding checks, December 31 4. Bank balance, December 31 5. The compay's gross profit räte is 30% P 384,660 2.000 475,000 892 000
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