Company's records show the following information: December 31, 2018 December 31, 2019 Cash 100,000 150,000 Accounts Receivable 150,000 (3) (1) Merchandise Inventory Equipment, net Land 250,000 900,000 1,000,000 300,000 (4) Trade accounts payable Accrued expenses Non-current liabilities (2) 450,000 150,000 (5) 260,000 (6) Additional information are as follows: •Working capital of the Company amounted to P50,000 as of December 31, 2018, and increased to P70,00 of December 31, 2019, respectively. • A piece of land costing P100,000 were sold during 2019. •There were no other changes in the owner's equity during 2019 other than the net income or net loss. • Total liabilities as of December 31, 2018 amounted to P710,000 while total assets as of December 31, 201 amounted to P1,900,000. Total revenues amounted to P150,000 while total expenses amounted to P165,000.
Company's records show the following information: December 31, 2018 December 31, 2019 Cash 100,000 150,000 Accounts Receivable 150,000 (3) (1) Merchandise Inventory Equipment, net Land 250,000 900,000 1,000,000 300,000 (4) Trade accounts payable Accrued expenses Non-current liabilities (2) 450,000 150,000 (5) 260,000 (6) Additional information are as follows: •Working capital of the Company amounted to P50,000 as of December 31, 2018, and increased to P70,00 of December 31, 2019, respectively. • A piece of land costing P100,000 were sold during 2019. •There were no other changes in the owner's equity during 2019 other than the net income or net loss. • Total liabilities as of December 31, 2018 amounted to P710,000 while total assets as of December 31, 201 amounted to P1,900,000. Total revenues amounted to P150,000 while total expenses amounted to P165,000.
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
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...
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Total trade accounts payable as of January 1, 2019 amounted to PBlank 1.
![JCV Company's records show the following information:
...
December 31, 2018
December 31, 2019
Cash
100,000
150,000
Accounts Receivable
Merchandise Inventory
Equipment, net
150,000
(3)
(1)
250,000
900,000
1,000,000
Land
300,000
(4)
Trade accounts payable
Accrued expenses
Non-current liabilities
(2)
450,000
(5)
(6)
150,000
260,000
Additional information are as follows:
• Working capital of the Company amounted to P50,000 as of December 31, 2018, and increased to P70,000 as
of December 31, 2019, respectively.
A piece of land costing P100,000 were sold during 2019.
There were no other changes in the owner's equity during 2019 other than the net income or net loss.
Total liabilities as of December 31, 2018 amounted to P710,000 while total assets as of December 31, 2019
amounted to P1,900,000.
Total revenues amounted to P150,000 while total expenses amounted to P165,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0f4dd9f7-9af2-488f-a10a-9575e2ca77ef%2F95f3aecf-65cb-48ff-9f79-96a243629c0a%2Fqnghl8u_processed.png&w=3840&q=75)
Transcribed Image Text:JCV Company's records show the following information:
...
December 31, 2018
December 31, 2019
Cash
100,000
150,000
Accounts Receivable
Merchandise Inventory
Equipment, net
150,000
(3)
(1)
250,000
900,000
1,000,000
Land
300,000
(4)
Trade accounts payable
Accrued expenses
Non-current liabilities
(2)
450,000
(5)
(6)
150,000
260,000
Additional information are as follows:
• Working capital of the Company amounted to P50,000 as of December 31, 2018, and increased to P70,000 as
of December 31, 2019, respectively.
A piece of land costing P100,000 were sold during 2019.
There were no other changes in the owner's equity during 2019 other than the net income or net loss.
Total liabilities as of December 31, 2018 amounted to P710,000 while total assets as of December 31, 2019
amounted to P1,900,000.
Total revenues amounted to P150,000 while total expenses amounted to P165,000.
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