HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. as it was organized only on January 1, 2021: Accounts payable 500,000 Accounts receivable 400,000 100,000 Accumulated depreciation - Property and equipment Cash 500,000 Finished goods - December 31 Goods in process - December 31 Net Income for the current year 450,000 750,000 1,000,000 Property and equipment 3,000,000 Raw materials - December 31 500,000 The company was organized on January 1, 2021 by issuing 25,000 ordinary shares of P100 par value being issued in exchange for property and equipment worth P3,000,000 and cash of of P1,000,000.

HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. as it was organized only on January 1, 2021: Accounts payable 500,000 Accounts receivable 400,000 100,000 Accumulated depreciation - Property and equipment Cash 500,000 Finished goods - December 31 Goods in process - December 31 Net Income for the current year 450,000 750,000 1,000,000 Property and equipment 3,000,000 Raw materials - December 31 500,000 The company was organized on January 1, 2021 by issuing 25,000 ordinary shares of P100 par value being issued in exchange for property and equipment worth P3,000,000 and cash of of P1,000,000.

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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