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FINANCIAL ACCOUNTING
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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Hello my dear tutor, Please help me answer this one. Show your solutions or answers. Type only your step by step solutions and answers here, do not handwritten. Failure to follow the above reminders and direction will be marked as not helpful. Thank you!
2. At October 29, the Statement of Financial Position (SFP) accounts for Whole Cake Island Restaurant were as follows: Accounts Receivable Linlin, Capital Supplies Building Notes Payable Cash 1,600 48,000 10,000 33,000 3,800 18,700 ? Land 6,600 68,000 Accounts Payable Furniture The following transactions occurred during the next two days: a. Linlin invested an additional P22,000 cash in the business. b. The accounts payable were paid in full. (No payment was made on the notes payable). Requirement: Prepare an SFP on October 31, 2021.
Transcribed Image Text:2. At October 29, the Statement of Financial Position (SFP) accounts for Whole Cake Island Restaurant were as follows: Accounts Receivable Linlin, Capital Supplies Building Notes Payable Cash 1,600 48,000 10,000 33,000 3,800 18,700 ? Land 6,600 68,000 Accounts Payable Furniture The following transactions occurred during the next two days: a. Linlin invested an additional P22,000 cash in the business. b. The accounts payable were paid in full. (No payment was made on the notes payable). Requirement: Prepare an SFP on October 31, 2021.
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