The Statement of Financial Position of Pedro Castro on October 1, 2015 before accepting Pablo Bunag as his partner is shown below: Pedro Castro Statement of Financial Position October 1, 2015 ASSETS Cash P 6,000.00 Notes Receivable 3,000.00 Accounts Receivable P 24,000.00 Less: Allowance for Bad Debts 1,000.00 23,000.00 Merchanside Inventory 8,000.00 Furniture and Fixtures 6,000.00 Less: Accumulated Depreciation 600.00 5,400.00 Total Assets P 45,400.00 LIABILITIES AND OWNERS EQUITY Liabilities P 4,000.00 Notes Payable Accounts Payable Owner's Equity Pedro Castro, Capital Total Liabilities and Capital 10,000.00 P 14,000.00 31,400.00 P 45,400.00
The Statement of Financial Position of Pedro Castro on October 1, 2015 before accepting Pablo Bunag as his partner is shown below: Pedro Castro Statement of Financial Position October 1, 2015 ASSETS Cash P 6,000.00 Notes Receivable 3,000.00 Accounts Receivable P 24,000.00 Less: Allowance for Bad Debts 1,000.00 23,000.00 Merchanside Inventory 8,000.00 Furniture and Fixtures 6,000.00 Less: Accumulated Depreciation 600.00 5,400.00 Total Assets P 45,400.00 LIABILITIES AND OWNERS EQUITY Liabilities P 4,000.00 Notes Payable Accounts Payable Owner's Equity Pedro Castro, Capital Total Liabilities and Capital 10,000.00 P 14,000.00 31,400.00 P 45,400.00
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
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 16P
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