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PROBLEM 1 Compute for the missing amounts. 2008 Plant Assets Total Assets Current liabilities Retained Earnings Total stockholder's equity 444,500 1,139,500 e. 8. 829,500 2007 470,000 C. 243,000 137,500 L .. d. f. Increase or (Decrease) Amount 42,000 42,000 b. 7.4% (13.6)% h. Percent J.

PROBLEM 1 Compute for the missing amounts. 2008 Plant Assets Total Assets Current liabilities Retained Earnings Total stockholder's equity 444,500 1,139,500 e. 8. 829,500 2007 470,000 C. 243,000 137,500 L .. d. f. Increase or (Decrease) Amount 42,000 42,000 b. 7.4% (13.6)% h. Percent J.

FINANCIAL ACCOUNTING
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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PROBLEM 1 Compute for the missing amounts. 2008 Plant Assets Total Assets Current liabilities e. Retained Earnings Total stockholder's 829,500 equity 444,500 1,139,500 2007 470,000 C. 243,000 137,500 L. a. d. f. Amount 42,000 42,000 Increase or (Decrease) Addt'l information: a) There is a 25% increase in last year's Sales amounting to P1,000,000. b) Gross Profit Rate is 40%. c) Net Income is 22% of Sales. b. 7.4% (13.6) % h. j. PROBLEM 2 Complete the 2018 statement of Comprehensive Income using the information provided: Sales Cost of Sales Gross Profit Utilities Expense Rent Expense Salaries Expense Advertising Expense Net Income Percent
Transcribed Image Text:PROBLEM 1 Compute for the missing amounts. 2008 Plant Assets Total Assets Current liabilities e. Retained Earnings Total stockholder's 829,500 equity 444,500 1,139,500 2007 470,000 C. 243,000 137,500 L. a. d. f. Amount 42,000 42,000 Increase or (Decrease) Addt'l information: a) There is a 25% increase in last year's Sales amounting to P1,000,000. b) Gross Profit Rate is 40%. c) Net Income is 22% of Sales. b. 7.4% (13.6) % h. j. PROBLEM 2 Complete the 2018 statement of Comprehensive Income using the information provided: Sales Cost of Sales Gross Profit Utilities Expense Rent Expense Salaries Expense Advertising Expense Net Income Percent
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