Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. 2. 3. Honesty Company's accounting records provided the following information: 12/31/2018 12/31/2019 Current assets 240,000 P 222,000 Property, plant, and equipment 1,600,000 1,700,000 Current

1. image text in transcribed

2. image text in transcribed

3. image text in transcribed

Honesty Company's accounting records provided the following information: 12/31/2018 12/31/2019 Current assets 240,000 P 222,000 Property, plant, and equipment 1,600,000 1,700,000 Current liabilities 148,000 130,000 Non-current liabilities 580,000 ? All assets and liabilities of the entity are reported in the schedule above. Net income in 2019 was P74,000. No other changes in owner's equity during 2019. How much was the total non-current liabilities on December 31, 2019? Lockdown Business has the following information: Cash - P15,000; Deferred income - P10,000; Accrued income - P30,000; Deferred expense - P25,000, Accrued expense - P20,000; Doubtful accounts expense - P5,000. How much is the total assets? During the month of January 2020, Ms. Gee Sy-Qu, CPA, opened an account with Chinabank the amount of P100,000 to start with her accounting practice. She bought office supplies on account for P3,000. She received cash of P10,000 for auditing services rendered to clients. She withdrew cash of P5,000 from her business. She paid salaries to audit staff, P4,000. She partially paid her account on supplies amounting to P2,000. How much total debit/credit should appear in the trial balance on January 31, 2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Value Factor Making Managements Head Turn Internal Audit And IT Audit Series

Authors: Daniel Samson

1st Edition

1138198129, 978-1138198128

More Books

Students also viewed these Accounting questions

Question

d. Who are important leaders and heroes of the group?

Answered: 1 week ago