Clarissa company’s accounting records provided the following information: 1/1/20B 12/31/20B Current assets 120,000 ? Property, plant and equipment 800,000 850,000 Current liabilities ? 65,000 Noncurrent liabilities 290,000 ? All assets and liabilities of the entity are reported in the schedule above. Working capital of P46,000 remained unchanged from 20A to 20B. Net income in 20B was P32,000. No dividends were declared during 20B and there were no other changes in owners’ equity. What amount should be reported as noncurrent liabilities on December 31, 20B? ANSWER: 308,000 PLS provide solution and explanation for the answer above
Clarissa company’s accounting records provided the following information: 1/1/20B 12/31/20B Current assets 120,000 ? Property, plant and equipment 800,000 850,000 Current liabilities ? 65,000 Noncurrent liabilities 290,000 ? All assets and liabilities of the entity are reported in the schedule above. Working capital of P46,000 remained unchanged from 20A to 20B. Net income in 20B was P32,000. No dividends were declared during 20B and there were no other changes in owners’ equity. What amount should be reported as noncurrent liabilities on December 31, 20B? ANSWER: 308,000 PLS provide solution and explanation for the answer above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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#17
Clarissa company’s accounting records provided the following information:
1/1/20B 12/31/20B
Current assets 120,000 ?
Property, plant and equipment 800,000 850,000
Current liabilities ? 65,000
Noncurrent liabilities 290,000 ?
All assets and liabilities of the entity are reported in the schedule above.
20A to 20B. Net income in 20B was P32,000. No dividends were declared during 20B and there were no other changes in
owners’ equity. What amount should be reported as noncurrent liabilities on December 31, 20B?
ANSWER: 308,000
PLS provide solution and explanation for the answer above
Philippines Accounting standard
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