JCV Company's records show the following information: ... December 31, 2018 100,000 December 31, 2019 Cash 150,000 Accounts Receivable 150,000 (3) Merchandise Inventory Equipment, net (1) 900,000 300,000 (2) 150,000 260,000 250,000 1,000,000 Land (4) Trade accounts payable Accrued expenses Non-current liabilities 450,000 (5) (6) Additional information are as follows: • Working capital of the Company amounted to P50,000 as of December 31, 2018, and increased to P70,000 as of December 31, 2019, respectively. A piece of land costing P100,000 were sold during 2019. There were no other changes in the owner's equity during 2019 other than the net income or net loss. Total liabilities as of December 31, 2018 amounted to P710,000 while total assets as of December 31, 2019 amounted to P1,900,000. Total revenues amounted to P150,000 while total expenses amounted to P165,000.

JCV Company's records show the following information: ... December 31, 2018 100,000 December 31, 2019 Cash 150,000 Accounts Receivable 150,000 (3) Merchandise Inventory Equipment, net (1) 900,000 300,000 (2) 150,000 260,000 250,000 1,000,000 Land (4) Trade accounts payable Accrued expenses Non-current liabilities 450,000 (5) (6) Additional information are as follows: • Working capital of the Company amounted to P50,000 as of December 31, 2018, and increased to P70,000 as of December 31, 2019, respectively. A piece of land costing P100,000 were sold during 2019. There were no other changes in the owner's equity during 2019 other than the net income or net loss. Total liabilities as of December 31, 2018 amounted to P710,000 while total assets as of December 31, 2019 amounted to P1,900,000. Total revenues amounted to P150,000 while total expenses amounted to P165,000.

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

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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The following is summary of information presented on the financial statements of a company on December 31, 2019. Account 2019 2018 Current Assets $ 69 comma 000$69,000 $ 53 comma 000$53,000 Accounts Receivable 83 comma 00083,000 80 comma 00080,000 Merchandise Inventory 53 comma 00053,000 41 comma 00041,000 Current Liabilities 77 comma 00077,000 49 comma 00049,000 Longminus−term Liabilities 30 comma 00030,000 52 comma 00052,000 Common Stock 54 comma 00054,000 44 comma 00044,000 Retained Earnings 44 comma 00044,000 29 comma 00029,000 Net Sales Revenue $ 527 comma 000$527,000 $ 508 comma 000$508,000 Cost of Goods Sold 405 comma 000405,000 396 comma 000396,000 Gross Profit $ 122 comma 000$122,000 $ 112 comma 000$112,000 Selling Expenses 45 comma 00045,000 58 comma 00058,000 Net Income Before Income Tax Expense $ 77 comma 000$77,000 $ 54 comma 000$54,000 Income Tax…
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