Case 4 - Lee ServicesBelow are the accounts of Lee Services for the year ended December 31, 2020.Cash in Banco de MSCCash in Boac Pacific BankPetty Cash FundChange Cash FundCash EquivalentsAccounts ReceivableNotes ReceivableRaw MaterialsWork in Progress8,000,0002,000,00050,00025,000100,0002,000,000200,000600,000400,0001,000,0001,000,0002,000,000Finished GoodsLand Used as Plant SiteVehiclesAccumulatedVehiclesDepreciation(200,000)FixturesAccumulated1,000,000Depreciation(100,000)FixturesPatents1,000,000AccumulatedAmortization(100,000)PatentsTrademarksAccumulatedTrademarks1,000,000Amortization(100,000)HeldAppreciationAccounts PayableNotes PayableInterest PayableIncome Tax PayableLong-term DebtCapitalLandforFairValue10,000,0002,000,0001,000,000100,000900,0005,000,00020,875,000MODULE 1 - Statement of Financial Position | 20Additional Information:Cash in Banco de MSC amounting to P4,000,000 is restricted for a future plant expansionfund.Estimated Useful Life for both PPE and Intangible Assets are 10 years.Notes Payable amounting to P1,000,000 is payable in 2 years with 5% interest.Long-term Debt of P5,000,000 is payable in 5 years with an annual interest of 1%.Interest Payable is related to both Notes Payable and Long-term debt.1. How much is total cash and cash equivalents?2. How much is total inventories?3. How much is total property, plant and equipment?4. How much is total intangible assets?5. How much is the total current assets of the entity?6. How much is the total non-current assets of the entity?7. How much is the total current liabilities of the entity?8. How much is the total non-current liabilities of the entity?9. How much is the total assets of the entity?10. How much is the total liabilities and owner's equity?

Name: Case 4 - Lee ServicesBelow are the accounts of Lee Services for the y
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Description: Case 4 - Lee ServicesBelow are the accounts of Lee Services for the year ended December 31, 2020.Cash in Banco de MSCCash in Boac Pacific BankPetty Cash FundChange Cash FundCash EquivalentsAccounts ReceivableNotes ReceivableRaw MaterialsWork in Prog

Accounts receivable is the amount of money due for goods sold or services rendered.

Business

Accounting

Additional Information: • Cash in Banco de MSC amounting to P4,000,000 is restricted for a future plant expansion fund. • Estimated Useful Life for both PPE and Intangible Assets are 10 years. • Notes Payable amounting to P1,000,000 is payable in 2 years with 5% interest. • Long-term Debt of P5,000,000 is payable in 5 years with an annual interest of 1%. • Interest Payable is related to both Notes Payable and Long-term debt. 1. How much is total cash and cash equivalents? 2. How much is total inventories? 3. How much is total property, plant and equipment? 4. How much is total intangible assets?

Additional Information: • Cash in Banco de MSC amounting to P4,000,000 is restricted for a future plant expansion fund. • Estimated Useful Life for both PPE and Intangible Assets are 10 years. • Notes Payable amounting to P1,000,000 is payable in 2 years with 5% interest. • Long-term Debt of P5,000,000 is payable in 5 years with an annual interest of 1%. • Interest Payable is related to both Notes Payable and Long-term debt. 1. How much is total cash and cash equivalents? 2. How much is total inventories? 3. How much is total property, plant and equipment? 4. How much is total intangible assets?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 60BPSB

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