For questions 2-3, use the following information. Please show solutions. Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash, P 3,000,000; Office Supplies, P 275,000; Office Equipment, P 700,000; Furniture and Fixtures, P 2,100,000. 2. What is the total value of the assets that Ms. QWE contributed to the business? 3. Determine the value of Ms. QWE's ownership in the business.

For questions 2-3, use the following information. Please show solutions. Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash, P 3,000,000; Office Supplies, P 275,000; Office Equipment, P 700,000; Furniture and Fixtures, P 2,100,000. 2. What is the total value of the assets that Ms. QWE contributed to the business? 3. Determine the value of Ms. QWE's ownership in the business.

Financial Accounting

15th Edition

ISBN:9781337272124

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

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

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 5PEA: Using the income statement for Adventure Travel Service shown in Practice Exercise 1-4A, prepare a...

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Using the income statement for Adventure Travel Service shown in Practice Exercise 1-4A, prepare a statement of owners equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional 60,000 in the business during the year and withdrew cash of 40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was 1,020,000.
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Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash 3,000,000 Office Supplies 275,000 Office Equipment 700,000 Furniture and Fixture 2,100,000 Question: 1. What is the total value of the assets that Ms. QWE contributed to the business? 2. Determine the value of Ms. QWE's ownership in the business.
Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash, P 3,000,000, Office Supplies, P 275,000, Office Equipment, P 700,000, Furniture and Fixtures, P 2,100,000. A. What is the total value of the assets that Ms. QWE contributed to the business? B. Determine the value of Ms. QWE's ownership in the business.
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