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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What amount should be reported as total assets at the end of the period?
Transcribed Image Text: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
Accounts receivable
500,000
400,000
Accumulated depreciation - Property and equipment
Cash
100,000
Finished goods - December 31
Goods in process - December 31
500,000
450,000
750,000
Net Income for the current year
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.
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