FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Financial Transaction Analysis
The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…
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4. What amount should be reported as total assets at the end of the period?
HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. as it was organized only on January 1, 2021: Accounts payable 500,000 Accounts receivable 400,000 Accumulated depreciation - Property and equipment 100,000 Cash 500,000 Finished goods - December 31 Goods in process - December 31 Net Income for the current year Property and equipment 450,000 750,000 1,000,000 3,000,000 Raw materials - December 31 500,000 The company was organized on January 1, 2021 by issuing 25,000 ordinary shares of P100 par value being issued in exchange for property and equipment worth P3,000,000 and cash of of P1,000,000.
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Transcribed Image Text:HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. as it was organized only on January 1, 2021: Accounts payable 500,000 Accounts receivable 400,000 Accumulated depreciation - Property and equipment 100,000 Cash 500,000 Finished goods - December 31 Goods in process - December 31 Net Income for the current year Property and equipment 450,000 750,000 1,000,000 3,000,000 Raw materials - December 31 500,000 The company was organized on January 1, 2021 by issuing 25,000 ordinary shares of P100 par value being issued in exchange for property and equipment worth P3,000,000 and cash of of P1,000,000.
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