As at Dec 31, 2018, the accounting records Goma Cabano (GMA-CBN 5 Ads) contained the following balances: Liability and Owner's Equity Accounts Payable Assets Cash P34,000 P180,000 Accounts Receivable 110,000 90,000 380,000 Land Total Cabano, Capital Total 346,000 380,000 The following accounting events apply to 2019: Jan 1. Received P100,000 additional cash investment from the owner. Jan 1. Purchased a service vehicle that cost P80,000 for cash. The vehicle has an P8,000 salvage value and a 3-yr useful life. Feb 1 Borrowed P100,000 by issuing a note that carried a 9% annual interest rate and a 1-y: term. Feb 1 Paid P24,000 cash in advance for a 1-year rent for office space. Mar 1 Cabano withdrew P30,000 for emergency personal use. April 1 Acquired land that cost P70,000 cash

As at Dec 31, 2018, the accounting records Goma Cabano (GMA-CBN 5 Ads) contained the following balances: Liability and Owner's Equity Accounts Payable Assets Cash P34,000 P180,000 Accounts Receivable 110,000 90,000 380,000 Land Total Cabano, Capital Total 346,000 380,000 The following accounting events apply to 2019: Jan 1. Received P100,000 additional cash investment from the owner. Jan 1. Purchased a service vehicle that cost P80,000 for cash. The vehicle has an P8,000 salvage value and a 3-yr useful life. Feb 1 Borrowed P100,000 by issuing a note that carried a 9% annual interest rate and a 1-y: term. Feb 1 Paid P24,000 cash in advance for a 1-year rent for office space. Mar 1 Cabano withdrew P30,000 for emergency personal use. April 1 Acquired land that cost P70,000 cash

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 6.5APR: Multiple-step income statement and report form of balance sheet The following selected accounts and...

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