Use the following information for questions The following information is available for Cuyi Company for the year ended December 31, 2021 Accounts Payable P2,700 Accumulated Depreciation-Equipment 4,000 Cuyi, Capital 7,800 Intangible Asset 2,500 Notes Payable (Due in 5 years) 7,500 Accounts Receivable 1,500 Cash 2,600 Short-Term Investment 1,000 Equipment 7,500 Long-Term Investment 6,900 Use the above information to prepare a balance sheet for the year ended December 31, 2021.
Use the following information for questions The following information is available for Cuyi Company for the year ended December 31, 2021 Accounts Payable P2,700 Accumulated Depreciation-Equipment 4,000 Cuyi, Capital 7,800 Intangible Asset 2,500 Notes Payable (Due in 5 years) 7,500 Accounts Receivable 1,500 Cash 2,600 Short-Term Investment 1,000 Equipment 7,500 Long-Term Investment 6,900 Use the above information to prepare a balance sheet for the year ended December 31, 2021.
Chapter1: Financial Statements And Business Decisions
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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Question

Transcribed Image Text:•What is the total Current Assets, Non-Current
Assets, Current Liabilities, Non-Current Liabilities,
Liabilities and Owner's Equity, and Total Asset?

Transcribed Image Text:Use
the following information for questions
The following information is available for Cuyi Company for the year ended December 31, 2021
Accounts Payable
P2,700
Accumulated Depreciation-Equipment
4,000
Cuyi, Capital
7,800
Intangible Asset
2,500
Notes Payable (Due in 5 years)
7,500
Accounts Receivable
1,500
Cash
2,600
Short-Term Investment
1,000
Equipment
7,500
Long-Term Investment
6,900
Use the above information to prepare a balance sheet for the year ended December 31, 2021.
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