From the following accounts balances as of March 31, 2021 were taken from the records of Dr. Pun, the proprietor of Omni Laboratories. Dr. Pun, Capital P250,000 Dr. Pun, Drawing 75,000 Laboratory Equipment 200,750 Furniture and Fixtures 45,000 Small Tools 8,550 Unused Supplies 22,365 Accumulated Depreciation - Lab Equipment 20,075 Accumulated Depreciation - Furniture and Fixtures 9,000 Cash on Hand and In Bank 22,250 Accrued Income 12,500 Notes Receivable 20,000 Notes Payable 75,000 Other Prepaid Expenses 5,750 Accrued Taxes 3,850 Accrued Utility Expenses 7,525 Other Accrued Expenses 1,390 Profit during the period 45,325 How much is the total assets as of March 31, 2021?
From the following accounts balances as of March 31, 2021 were taken from the records of Dr. Pun, the proprietor of Omni Laboratories. Dr. Pun, Capital P250,000 Dr. Pun, Drawing 75,000 Laboratory Equipment 200,750 Furniture and Fixtures 45,000 Small Tools 8,550 Unused Supplies 22,365 Accumulated Depreciation - Lab Equipment 20,075 Accumulated Depreciation - Furniture and Fixtures 9,000 Cash on Hand and In Bank 22,250 Accrued Income 12,500 Notes Receivable 20,000 Notes Payable 75,000 Other Prepaid Expenses 5,750 Accrued Taxes 3,850 Accrued Utility Expenses 7,525 Other Accrued Expenses 1,390 Profit during the period 45,325 How much is the total assets as of March 31, 2021?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...
Related questions
Question
From the following accounts balances as of March 31, 2021 were taken from the records of Dr. Pun, the proprietor of Omni Laboratories.
| Dr. Pun, Capital | P250,000 |
| Dr. Pun, Drawing | 75,000 |
| Laboratory Equipment | 200,750 |
| Furniture and Fixtures | 45,000 |
| Small Tools | 8,550 |
| Unused Supplies | 22,365 |
| Accumulated |
20,075 |
| Accumulated Depreciation - Furniture and Fixtures | 9,000 |
| Cash on Hand and In Bank | 22,250 |
| Accrued Income | 12,500 |
| Notes Receivable | 20,000 |
| Notes Payable | 75,000 |
| Other Prepaid Expenses | 5,750 |
| Accrued Taxes | 3,850 |
| Accrued Utility Expenses | 7,525 |
| Other Accrued Expenses | 1,390 |
| Profit during the period | 45,325 |
How much is the total assets as of March 31, 2021?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College