Net Sales (85% on credit) Cost of goods sold Operating expenses Income tax Net Income Cash Receivables Inventories Prepayments Property & Equipment, net Investments Total Assets Accounts payable Accrued expenses Current loans payable Long-term debts Capital Stock, P100 par Retained earnings Total Equities P P P 2023 650,000 540,000 58,000 13,000 39,000 2023 20,000 65,000 60,000 12,500 245,000 160,000 562,500 22,500 21,450 65,000 225,000 150,000 78,550 562,500 P P 2022 550,000 450,000 55,000 11,250 33,750 2022 25,000 60,000 72,500 11,250 225,000 155,000 548,750 P 37,500 23,500 45,000 290,000 125,000 27,750 548,750 2021 P 600,000 500,000 38,000 15,500 46,500 P 2021 22,500 58,750 58,000 10,750 210,000 150,000 510,000 P 21,450 18,750 65,000 255,000 120,000 29,800 510,000

Net Sales (85% on credit) Cost of goods sold Operating expenses Income tax Net Income Cash Receivables Inventories Prepayments Property & Equipment, net Investments Total Assets Accounts payable Accrued expenses Current loans payable Long-term debts Capital Stock, P100 par Retained earnings Total Equities P P P 2023 650,000 540,000 58,000 13,000 39,000 2023 20,000 65,000 60,000 12,500 245,000 160,000 562,500 22,500 21,450 65,000 225,000 150,000 78,550 562,500 P P 2022 550,000 450,000 55,000 11,250 33,750 2022 25,000 60,000 72,500 11,250 225,000 155,000 548,750 P 37,500 23,500 45,000 290,000 125,000 27,750 548,750 2021 P 600,000 500,000 38,000 15,500 46,500 P 2021 22,500 58,750 58,000 10,750 210,000 150,000 510,000 P 21,450 18,750 65,000 255,000 120,000 29,800 510,000

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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