Use the following information for the next three (3) questions: The ledger of Kara Company in 2021 includes the following: January 1, 2021 December 31, 2021 Current assets 240,000 ? Noncurrent assets 1,600,000 1,700,000 Current liabilities ? 130,000 Noncurrent liabilities 580,000 ? All assets and liabilities are reported at year-end. Working capital of P90,000 remained unchanged. Net income for the current year was P60,000. No dividends were declared during the year and there were no other changes in shareholder's equity. 13) What is the amount of current assets on December 31? A. 220,000 В. 130,000 C. 90,000 D. 40,000 14) What is the shareholders' equity on December 31? А. 1,170,000 В. 1,110,000 C. 1,050,000 D. 1,080,000 15) What is the amount of noncurrent liabilities on December 31? A. 540,000 B. 480,000 C. 620,000 D. 750,000
Use the following information for the next three (3) questions: The ledger of Kara Company in 2021 includes the following: January 1, 2021 December 31, 2021 Current assets 240,000 ? Noncurrent assets 1,600,000 1,700,000 Current liabilities ? 130,000 Noncurrent liabilities 580,000 ? All assets and liabilities are reported at year-end. Working capital of P90,000 remained unchanged. Net income for the current year was P60,000. No dividends were declared during the year and there were no other changes in shareholder's equity. 13) What is the amount of current assets on December 31? A. 220,000 В. 130,000 C. 90,000 D. 40,000 14) What is the shareholders' equity on December 31? А. 1,170,000 В. 1,110,000 C. 1,050,000 D. 1,080,000 15) What is the amount of noncurrent liabilities on December 31? A. 540,000 B. 480,000 C. 620,000 D. 750,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Use the following information for the next three (3) questions:
The ledger of Kara Company in 2021 includes the following:
January 1, 2021
December 31, 2021
Current assets
240,000
?
Noncurrent assets
1,600,000
1,700,000
Current liabilities
?
130,000
Noncurrent liabilities
580,000
?
All assets and liabilities are reported at year-end. Working capital of P90,000 remained unchanged. Net income
for the current year was P60,000. No dividends were declared during the year and there were no other changes
in shareholder's equity.
13) What is the amount of current assets on December 31?
A. 220,000
В.
130,000
С.
90,000
D. 40,000
14) What is the shareholders' equity on December 31?
А.
1,170,000
В.
1,110,000
C.
1,050,000
D. 1,080,000
15) What is the amount of noncurrent liabilities on December 31?
A. 540,000
В.
480,000
C. 620,000
D. 750,000
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