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QDR Company's records show the following information: Cash Accounts Receivable Prepaid Expenses Equipment ■ Land Trade Accounts Payable Accrued Expenses Non-current liabilities January 1, 2019 P 70,000 (1) 50,000 400,000 (2) 110,000 (3) 540,000 December 31, 2019 P 130,000 110,000 Additional information are as follows: Total assets and capital as of December 31, 2018 amounted to P850,000 and P150,000, respectively. As of December 31, 2018, working capital of the Company amounted to P40,000, which is P10,000 higher than the working capital as of December 31, 2019. 600,000 (5) 230,000 70,000 250,000 A piece of land costing P80,000 were sold during 2019. Total revenues amounted to P250,000 while total expenses amounted to P95,000. Total withdrawals amounted to P15,000 in 2019.

QDR Company's records show the following information: Cash Accounts Receivable Prepaid Expenses Equipment ■ Land Trade Accounts Payable Accrued Expenses Non-current liabilities January 1, 2019 P 70,000 (1) 50,000 400,000 (2) 110,000 (3) 540,000 December 31, 2019 P 130,000 110,000 Additional information are as follows: Total assets and capital as of December 31, 2018 amounted to P850,000 and P150,000, respectively. As of December 31, 2018, working capital of the Company amounted to P40,000, which is P10,000 higher than the working capital as of December 31, 2019. 600,000 (5) 230,000 70,000 250,000 A piece of land costing P80,000 were sold during 2019. Total revenues amounted to P250,000 while total expenses amounted to P95,000. Total withdrawals amounted to P15,000 in 2019.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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QDR Company's records show the following information: Cash Accounts Receivable Prepaid Expenses Equipment ■ Land Trade Accounts Payable Accrued Expenses Non-current liabilities January 1, 2019 70,000 P (1) 50,000 400,000 (2) 110,000 (3) 540,000 December 31, 2019 P Additional information are as follows: Total assets and capital as of December 31, 2018 amounted to P850,000 and P150,000, respectively. As of December 31, 2018, working capital of the Company amounted to P40,000, which is P10,000 higher than the working capital as of December 31, 2019. 130,000 110,000 (4) 600,000 (5) 230,000 70,000 250,000 A piece of land costing P80,000 were sold during 2019. Total revenues amounted to P250,000 while total expenses amounted to P95,000. Total withdrawals amounted to P15,000 in 2019.
Transcribed Image Text:QDR Company's records show the following information: Cash Accounts Receivable Prepaid Expenses Equipment ■ Land Trade Accounts Payable Accrued Expenses Non-current liabilities January 1, 2019 70,000 P (1) 50,000 400,000 (2) 110,000 (3) 540,000 December 31, 2019 P Additional information are as follows: Total assets and capital as of December 31, 2018 amounted to P850,000 and P150,000, respectively. As of December 31, 2018, working capital of the Company amounted to P40,000, which is P10,000 higher than the working capital as of December 31, 2019. 130,000 110,000 (4) 600,000 (5) 230,000 70,000 250,000 A piece of land costing P80,000 were sold during 2019. Total revenues amounted to P250,000 while total expenses amounted to P95,000. Total withdrawals amounted to P15,000 in 2019.
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