Compute balance of total assets as of July, 2017
Financial Accounting
15th Edition
ISBN:9781337272124
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 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Question
Below are the financial data of Kapit Lang Company, a not-for-profit entity for month of June, 2017.
Cash – P3,500,500
Accounts Receivable – P350,250
Long-Term Investment – P1,250,000
Plant, Property and Equipment – P3,500,000
Total Liabilities – P3,750,250
Transactions for the month of July, 2017
Compute balance of total assets as of July, 2017
Cash – P3,500,500
Long-Term Investment – P1,250,000
Plant, Property and Equipment – P3,500,000
Total Liabilities – P3,750,250
Transactions for the month of July, 2017
- Receive a car worth – P800,000 but treated as temporary restricted net assets
- Partial payment of accounts payable – P350,000
- Issued a promissory notes worth – P450,000
- Paid the salary of employees – P16,550
- Paid the repair of computer – P7,350
Compute balance of total assets as of July, 2017
a. 9,476,800
b. 9,476,700
c. 9,476,750
d. 9,476,850
Compute the balance of unrestricted net assets as of July, 2017, if unrestricted net assets is 65% of total net assets as of June, 2017.
a. 3,128,920
b. 3,128,925
c. 3,128,930
d. 3,128,935
Compute the balance of total liabilities as of July, 2017
a. 3,850,200
b. 3.850,195
c. 3,850,250
d. 3,850,255
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