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The following are the selected ledger balances taken from the books of  ABC Company for the year 2021: Accrued Rent Income ₱ 180,000   Rent Expense ₱ 120,000 Accounts Receivable 126,000   Cash 112,000 Allowance for Bad Debts 12,600   Prepaid Advertising 12,000 Service Income 500,000   Salaries Expense 115,000 Office Equipment 430,000   Utilities Expense 49,000 Accumulated Depreciation 75,000   Unused Supplies 18,000 Representation Expense 60,000   Owner, Capital 463,300 Unearned Service Income 22,000   Accounts Payable 240,000 Owner, Drawing 14,000   Accrued Interest Expense                                             10,700   Compute for the total assets of ABC Company.

The following are the selected ledger balances taken from the books of  ABC Company for the year 2021: Accrued Rent Income ₱ 180,000   Rent Expense ₱ 120,000 Accounts Receivable 126,000   Cash 112,000 Allowance for Bad Debts 12,600   Prepaid Advertising 12,000 Service Income 500,000   Salaries Expense 115,000 Office Equipment 430,000   Utilities Expense 49,000 Accumulated Depreciation 75,000   Unused Supplies 18,000 Representation Expense 60,000   Owner, Capital 463,300 Unearned Service Income 22,000   Accounts Payable 240,000 Owner, Drawing 14,000   Accrued Interest Expense                                             10,700   Compute for the total assets of ABC Company.

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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The following are the selected ledger balances taken from the books of  ABC Company for the year 2021:

Accrued Rent Income

₱ 180,000

 

Rent Expense

₱ 120,000

Accounts Receivable

126,000

 

Cash

112,000

Allowance for Bad Debts

12,600

 

Prepaid Advertising

12,000

Service Income

500,000

 

Salaries Expense

115,000

Office Equipment

430,000

 

Utilities Expense

49,000

Accumulated Depreciation

75,000

 

Unused Supplies

18,000

Representation Expense

60,000

 

Owner, Capital

463,300

Unearned Service Income

22,000

 

Accounts Payable

240,000

Owner, Drawing

14,000

 

Accrued Interest Expense                                            

10,700

 

Compute for the total assets of ABC Company.

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