Compute for total current assests, total uncurrent assets, total current liabilities and total uncurrent liabilities III. Compute for the total current assets, total noncurrent assets, total current liabilities andtotal noncurrent liabilities to be shown in the Statement of financial position of DominoBrothers Inc. Information on the accounts of the Domino Brothers Inc. as of December 31,2020 is as follows: (Solution is required)CashP30, 00070, 000Notes receivable – matures in 4 equal annual 40O, 000Accounts receivableinstallments150, 0002, 000, 000InventoryEquipmentAccumulated depreciation-equipmentAccounts payableNotes payable - P100, 000 due within 1 yearRent payable (due in 2 years)Utilities payableInterest payableSalaries payable(380, 000)187, 000600, 00062, 00030, 00025, 00090, 000750, 000Unearned IncomeDomino, Capital526, 000

Current assets are those assets which are either in cash or can be converted into cash into short…

III. Compute for the totoal current assets, total noncurrent assets, total current liabilities and total noncurrent liabilities to be shown in the Statement of financial position of Domino Brothers Inc. Information on the accounts of the Domino Brothers Inc. as of December 311, 2020 is as follows: (Solution is required) Р30, 000 70, 000 Notes receivable - matures in 4 equal annual 400, 000 Cash Accounts receivable installments Inventory Equipment Accumulated depreciation-equipment Accounts payable Notes payable - P100, 000 due within 1 year Rent payable (due in 2 years) Utilities payable Interest payable Salaries payable 150, 000 2, 000, 000 (380, 000) 187, 000 600, 000 62, 000 30, 000 25, 000 90, 000 Unearned Income 750, 000 Domino, Capital 526, 000

III. Compute for the totoal current assets, total noncurrent assets, total current liabilities and total noncurrent liabilities to be shown in the Statement of financial position of Domino Brothers Inc. Information on the accounts of the Domino Brothers Inc. as of December 311, 2020 is as follows: (Solution is required) Р30, 000 70, 000 Notes receivable - matures in 4 equal annual 400, 000 Cash Accounts receivable installments Inventory Equipment Accumulated depreciation-equipment Accounts payable Notes payable - P100, 000 due within 1 year Rent payable (due in 2 years) Utilities payable Interest payable Salaries payable 150, 000 2, 000, 000 (380, 000) 187, 000 600, 000 62, 000 30, 000 25, 000 90, 000 Unearned Income 750, 000 Domino, Capital 526, 000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.2C

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