JCV Company's records show the following information: December 31, 2018 100,000 December 31, 2019 150,000 (3) 250,000 Cash Accounts Receivable 150,000 Merchandise Inventory Equipment, net Land (1) 900,000 300,000 (2) 150,000 1,000,000 (4) Trade accounts payable Accrued expenses Non-current liabilities 450,000 (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 P70,000 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.

JCV Company's records show the following information: December 31, 2018 100,000 December 31, 2019 150,000 (3) 250,000 Cash Accounts Receivable 150,000 Merchandise Inventory Equipment, net Land (1) 900,000 300,000 (2) 150,000 1,000,000 (4) Trade accounts payable Accrued expenses Non-current liabilities 450,000 (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 P70,000 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.

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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