The following items were found in the statement of financial position of Mary's Sports Club P120,000 P440,000 P10,000 PS00,000 P280,000 P360,000 P892,000 P156,000 Cash Bank Loan Supplies Equipment Accounts Receivable Accounts Payable Car Office Furniture a) Group the items into assets and liabilities. b) Determine the club's net worth by means of accounting equation. (Hint: Net Worth - Total Assets - Total Liabilities) A. Assets Amount Cash P120,000 Total Assets = B. Net Worth = Total Assets - Total Liabilities

The following items were found in the statement of financial position of Mary's Sports Club P120,000 P440,000 P10,000 PS00,000 P280,000 P360,000 P892,000 P156,000 Cash Bank Loan Supplies Equipment Accounts Receivable Accounts Payable Car Office Furniture a) Group the items into assets and liabilities. b) Determine the club's net worth by means of accounting equation. (Hint: Net Worth - Total Assets - Total Liabilities) A. Assets Amount Cash P120,000 Total Assets = B. Net Worth = Total Assets - Total Liabilities

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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Required information [The following information applies to the questions displayed below.] Consider the following balance sheet and income statement for Mmm Good Foods Incorporated (the company that operates Tasty Fried Chicken and Pizza Party), in condensed form, including some information from the cash flow statement: (amounts are millions) Balance Sheet Cash and short-term investments Accounts receivable Inventory Other current assets Long-lived assets Total assets Current liabilities Total liabilities Shareholders' equity Total liabilities and equity Income Statement Sales Cost of sales Gross margin Earnings before interest and taxes Interest Taxes Net income Share price Earnings per share Number of outstanding shares (millions) Cash Flows Cash flow from operations Capital expenditures Dividends Mmm Good Foods Incorporated 2019 2018 $743 623 $ 443 597 161 3,704 $ 5,231 $ 1,541 13, 247 (8,016) $ 5,231 $ 5,597 1,235 $ 4,362 $ 1,859 486 79 $ 1,294 $ 102 4.23 300 $ 1,315 196 511 167…
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ased on these items, what is the total of the (a) liquid assets and (b) current liabilities? Checking account balance $ 935 Savings account balance $ 3,425 Retirement account balance 58,500 Current student loan payment due 370 Credit card balance 192 Investment account balance 9,500 Rare jewelry 600 Mortgage 185,500
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Analysis above two financial statement, what you can observe without using financial ratio.
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