Below are the financial data of Tulong Namin Company, a not-for-profit entity for month of June, 2017. Cash – P4,300,500 Accounts Receivable – P250,500 Long-Term Investment – P1,000,000 Plant, Property and Equipment – P4,500,500 Accounts Payable – P500,000 Notes Payable – P1,500,000 Transactions for the month of July, 2017 Receive a car worth – P600,000 but treated as temporary restricted net assets Partial payment of accounts payable – P250,000 Issued a promissory notes worth – P500,000 Paid the salary of employees – P25,250 5. Paid the repair of computer – P6,500 Compute balance of total assets as of July, 2017 a. 10,869,740 b. 10,769,745 c. 10,869,750 d. 10,869,755
Below are the financial data of Tulong Namin Company, a not-for-profit entity for month of June, 2017. Cash – P4,300,500 Accounts Receivable – P250,500 Long-Term Investment – P1,000,000 Plant, Property and Equipment – P4,500,500 Accounts Payable – P500,000 Notes Payable – P1,500,000 Transactions for the month of July, 2017 Receive a car worth – P600,000 but treated as temporary restricted net assets Partial payment of accounts payable – P250,000 Issued a promissory notes worth – P500,000 Paid the salary of employees – P25,250 5. Paid the repair of computer – P6,500 Compute balance of total assets as of July, 2017 a. 10,869,740 b. 10,769,745 c. 10,869,750 d. 10,869,755
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 10DQ
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Below are the financial data of Tulong Namin Company, a not-for-profit entity for month of June, 2017.
Cash – P4,300,500
Accounts Receivable – P250,500
Long-Term Investment – P1,000,000
Plant, Property and Equipment – P4,500,500
Accounts Payable – P500,000
Notes Payable – P1,500,000
Transactions for the month of July, 2017
Compute balance of total assets as of July, 2017
Cash – P4,300,500
Long-Term Investment – P1,000,000
Plant, Property and Equipment – P4,500,500
Accounts Payable – P500,000
Notes Payable – P1,500,000
Transactions for the month of July, 2017
- Receive a car worth – P600,000 but treated as temporary restricted net assets
- Partial payment of accounts payable – P250,000
- Issued a promissory notes worth – P500,000
- Paid the salary of employees – P25,250
Compute balance of total assets as of July, 2017
a. 10,869,740
b. 10,769,745
c. 10,869,750
d. 10,869,755
Compute the balance of unrestricted net assets as of July, 2017, if unrestricted net assets is 70% of total net as
a. 5,604,300
b. 5,604,250
c. 5,604,350
d. 5,604,200
Compute the balance of total net assets as of July, 2017
a. 8,619,755
b. 8,619,750
c. 8,619,745
d. 8,619,740
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