At the end of the first month of its operation, Faith D. Nakpil Accounting Services (FDNACCT) had the following account balances: Accounts Receivable: P80,000 Prepaid Insurance Expense: P20,000 Furniture and Fixtures: P150,000 Service Revenue: P60,000 Cash: P45,000 How much is total current assets at month-end? P295,000 P355,000 O P111,000 O P145,000
At the end of the first month of its operation, Faith D. Nakpil Accounting Services (FDNACCT) had the following account balances: Accounts Receivable: P80,000 Prepaid Insurance Expense: P20,000 Furniture and Fixtures: P150,000 Service Revenue: P60,000 Cash: P45,000 How much is total current assets at month-end? P295,000 P355,000 O P111,000 O P145,000
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.13MCE: Reconstructing a Beginning Account Balance During the month, services performed for customers on...
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