QDR Company's records show the following information: Cash Accounts Receivable Prepaid Expenses Equipment ■ Land Trade Accounts Payable Accrued Expenses Non-current liabilities January 1, 2019 P 70,000 (1) 50,000 400,000 (2) 110,000 (3) 540,000 December 31, 2019 P 130,000 110,000 Additional information are as follows: Total assets and capital as of December 31, 2018 amounted to P850,000 and P150,000, respectively. As of December 31, 2018, working capital of the Company amounted to P40,000, which is P10,000 higher than the working capital as of December 31, 2019. 600,000 (5) 230,000 70,000 250,000 A piece of land costing P80,000 were sold during 2019. Total revenues amounted to P250,000 while total expenses amounted to P95,000. Total withdrawals amounted to P15,000 in 2019.

QDR Company's records show the following information: Cash Accounts Receivable Prepaid Expenses Equipment ■ Land Trade Accounts Payable Accrued Expenses Non-current liabilities January 1, 2019 P 70,000 (1) 50,000 400,000 (2) 110,000 (3) 540,000 December 31, 2019 P 130,000 110,000 Additional information are as follows: Total assets and capital as of December 31, 2018 amounted to P850,000 and P150,000, respectively. As of December 31, 2018, working capital of the Company amounted to P40,000, which is P10,000 higher than the working capital as of December 31, 2019. 600,000 (5) 230,000 70,000 250,000 A piece of land costing P80,000 were sold during 2019. Total revenues amounted to P250,000 while total expenses amounted to P95,000. Total withdrawals amounted to P15,000 in 2019.

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 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...

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