Cara Company provided the following information for the current year: January 1 December 31 Current assets 500,000 3,000,000 Property, plant, and equipment Current liabilities Noncurrent liabilities 4,000,000 300,000 ? 1,000,000 All assets and liabilities are reported at year-end. Working capital of P600,000 remained unchanged. Net income for the current year was P400,000. No dividends were declared during the year and there were no other changes in shareholders'equity. 1. What is the amount of current assets on December 31? ৪. 900,000 b. 300,000 c. 600,000 d. 450,000 2. What is the shareholders' equity on December 31? a. 2,800,000 b. 2,400,000 c. 2,500,000 d. 3,500,000 3. What is the amount of noncurrent liabilities on December 31? a. 2,400,000 b. 1,300,000 c. 1,800,000 d. 2,100,000

Cara Company provided the following information for the current year: January 1 December 31 Current assets 500,000 3,000,000 Property, plant, and equipment Current liabilities Noncurrent liabilities 4,000,000 300,000 ? 1,000,000 All assets and liabilities are reported at year-end. Working capital of P600,000 remained unchanged. Net income for the current year was P400,000. No dividends were declared during the year and there were no other changes in shareholders'equity. 1. What is the amount of current assets on December 31? ৪. 900,000 b. 300,000 c. 600,000 d. 450,000 2. What is the shareholders' equity on December 31? a. 2,800,000 b. 2,400,000 c. 2,500,000 d. 3,500,000 3. What is the amount of noncurrent liabilities on December 31? a. 2,400,000 b. 1,300,000 c. 1,800,000 d. 2,100,000

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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