below: Cash P96,000 Accounts Payable P178,000 Accounts Receivable 184,000 Annie Capital 266,000 Inventory 330,000 Betty Capital 216,000 Equipment-net 50,000 Total P660,000 Total P660,000 The terms of the agreement are that the assets and liabilities are to be restated as follows: • An allowance for possible uncollectible of P9,000 is established.

below: Cash P96,000 Accounts Payable P178,000 Accounts Receivable 184,000 Annie Capital 266,000 Inventory 330,000 Betty Capital 216,000 Equipment-net 50,000 Total P660,000 Total P660,000 The terms of the agreement are that the assets and liabilities are to be restated as follows: • An allowance for possible uncollectible of P9,000 is established.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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