Using the following information at June 30, 2019 to answer the next 3 questions: (Note: The following information will also be needed to answer questions no. 6 and 7. You may want to take a picture or write it on a paper.) Share Capital Equipment Inventory Accounts Receivable Accounts Payable Retained Earnings Cash P1,000,000.00 1,500,000.00 300,000.00 200,000.00 300,000.00 800,000.00 100,000.00 6. What is the balance of total assets at June 30, 2019? a. P 2.900.000 b. P 2.600.000 c. P 2.000.000 d. P 2.100.000 7. What is the balance of shareholders' equity? a. P 990,000 b. P 1,800.000 c. P 1,000.000 d. P 3,300.000 8. Assume that no dividends were declared during the year. If the balance of retained earnings at the start of the year was P500,000, what was the profit for the year? a. P 300,000 b. P 500,000 c. P 800,000 d. P 500,000

Using the following information at June 30, 2019 to answer the next 3 questions: (Note: The following information will also be needed to answer questions no. 6 and 7. You may want to take a picture or write it on a paper.) Share Capital Equipment Inventory Accounts Receivable Accounts Payable Retained Earnings Cash P1,000,000.00 1,500,000.00 300,000.00 200,000.00 300,000.00 800,000.00 100,000.00 6. What is the balance of total assets at June 30, 2019? a. P 2.900.000 b. P 2.600.000 c. P 2.000.000 d. P 2.100.000 7. What is the balance of shareholders' equity? a. P 990,000 b. P 1,800.000 c. P 1,000.000 d. P 3,300.000 8. Assume that no dividends were declared during the year. If the balance of retained earnings at the start of the year was P500,000, what was the profit for the year? a. P 300,000 b. P 500,000 c. P 800,000 d. P 500,000

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 103.1C: Leverage Cook Corporation issued financial statements at December 31, 2019, that include the...

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