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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 11, Problem 1PA
Textbook Problem
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Selected accounts from Phipps Corporation’s trial balance are as follows. Prepare the assets section of the company’s balance sheet.

Chapter 11, Problem 1PA, Selected accounts from Phipps Corporations trial balance are as follows. Prepare the assets section

To determine

Introduction:

The balance sheet of an organization represents the accounting equation in which summation of liability and owner equity turns out identical to total assets. This equation can be used to analyze the economic effects resulted out from operating activities.

To prepare:

The assets section of the company’s balance sheet.

Explanation of Solution

The assets section of the company’s balance sheet are as mentioned below:

P Corporation
Balance Sheet as at December,31
Amount ($) Amount($)
Current Assets
Cash 50,000
Accounts receivable 13,000
Short-term marketable securities 25,000
Inventories 45,000
Other current assets 10,000
Total Current Assets 143,000
Property, Plant and Equipment

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Chapter 11 Solutions

Principles of Accounting Volume 1
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