Problem 3 The following information was obtained from analysis of selected accounts of Jungkook Co. for the year ended December 31, 2020: Withdrawal by the owner Proceeds of bank loan Interest expense Depreciation expense-Building Depreciation expense-Furniture and Fixtures Loss on sale of equipment Gain on sale of land Additional cash investment by owner Purchase of equipment Proceeds on sale of land Payment of bank loan Profit Increase in accounts receivable Decrease in inventory Increase in trade payables Increase in income tax payable Decrease in interest payable Depreciation expense- equipment The balance of cash at January 1, 2020 was P2,000,000. Instruction: Compute the cash balance on December 31, 2020. 1,000,000 5,000,000 875,000 1,000,000 500,000 300,000 200,000 4,500,000 1,000,000 1,800,000 2,000,000 5,950,000 2,000,000 2,400,000 4,200,000 1,300,000 700,000 300,000

Problem 3 The following information was obtained from analysis of selected accounts of Jungkook Co. for the year ended December 31, 2020: Withdrawal by the owner Proceeds of bank loan Interest expense Depreciation expense-Building Depreciation expense-Furniture and Fixtures Loss on sale of equipment Gain on sale of land Additional cash investment by owner Purchase of equipment Proceeds on sale of land Payment of bank loan Profit Increase in accounts receivable Decrease in inventory Increase in trade payables Increase in income tax payable Decrease in interest payable Depreciation expense- equipment The balance of cash at January 1, 2020 was P2,000,000. Instruction: Compute the cash balance on December 31, 2020. 1,000,000 5,000,000 875,000 1,000,000 500,000 300,000 200,000 4,500,000 1,000,000 1,800,000 2,000,000 5,950,000 2,000,000 2,400,000 4,200,000 1,300,000 700,000 300,000

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.6: Buying Intangible Assets And Calculating Amortization Expense

Problem 1OYO

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