What is the capital of Jungkook after the adjustments? * A Þn June 1, 2021, Jungkook and Jimin decides to continue their businesses and form a partnership. Statement of financial position on June 1, before adjustments, showed the following Jungkook 10,000 Jimin 3,750 Cash Accounts receivable Inventories Fumiture and Fixtures 18,500 30,000 30,000 11,500 13,500 19,500 9,000 2,750 3,000 Office Equipment Prepaid Expenses 6,375 Accounts Payable 45,700 18,000 They agreed to provide 5% for doubtful accounts receivable, and also agree that Jungkook's fumiture and fixtures are over depreciated by P1,500. O 58,250 O 61,250 D 59,175 D 69,000
What is the capital of Jungkook after the adjustments? * A Þn June 1, 2021, Jungkook and Jimin decides to continue their businesses and form a partnership. Statement of financial position on June 1, before adjustments, showed the following Jungkook 10,000 Jimin 3,750 Cash Accounts receivable Inventories Fumiture and Fixtures 18,500 30,000 30,000 11,500 13,500 19,500 9,000 2,750 3,000 Office Equipment Prepaid Expenses 6,375 Accounts Payable 45,700 18,000 They agreed to provide 5% for doubtful accounts receivable, and also agree that Jungkook's fumiture and fixtures are over depreciated by P1,500. O 58,250 O 61,250 D 59,175 D 69,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
question 80
Transcribed Image Text:What is the capital of Jungkook after the adjustments? *
On June 1, 2021, Jungkook and Jimin decides to continue their businesses and form a partnership.
Statement of financial position on June 1, before adjustments, showed the following
Cash
Accounts receivable
Inventories
Fumiture and Fixtures
Jungkook
10,000
18,500
30,000
30,000
11,500
Jimin
3,750
13,500
19,500
Office Equipment
Prepaid Expenses
9,000
2,750
3,000
6,375
Accounts Payable
45,700
18,000
They agreed to provide 5% for doubtful accounts receivable, and also agree that Jungkook's
furniture and fixtures are over depreciated by P1,500.
O 58,250
O 61,250
O 59,175
69,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education