JCV Company's records show the following information: December 31, 2019 150,000 December 31, 2018 Cash 100,000 Accounts Receivable (3) 250,000 150,000 Merchandise Inventory (1) Equipment, net 1,000,000 (4) 450,000 900,000 Land 300,000 Trade accounts payable Accrued expenses (2) (5) (6) 150,000 Non-current liabilities 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 Pl150,000 while total expenses amounted to P165,000.

JCV Company's records show the following information: December 31, 2019 150,000 December 31, 2018 Cash 100,000 Accounts Receivable (3) 250,000 150,000 Merchandise Inventory (1) Equipment, net 1,000,000 (4) 450,000 900,000 Land 300,000 Trade accounts payable Accrued expenses (2) (5) (6) 150,000 Non-current liabilities 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 Pl150,000 while total expenses amounted to P165,000.

Name: Total merchandise inventory as of January 1, 2019 amounted to PBlank 1
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Description: Total merchandise inventory as of January 1, 2019 amounted to PBlank 1. JCV Company's records show the following information:...December 31, 2018December 31, 2019Cash100,000150,000Accounts ReceivableMerchandise InventoryEquipment, net150,000(3)(1)250

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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