II. From the following data taken from the books of Dynamite Consultants, a service business owned and managed by Mr. Jimin Park and from other personal records, you are required to prepare a properly classified balance sheet using account form for the business as of August 31, 2020. Cash on Hand Cash in Bank Accounts Receivable Cash deposited in savings account of Mr. and Mrs. Park Furniture and Fixture used in the office Farmland located in Tanay Residential house and lot Household, appliances, furniture and equipment Unpaid salaries to business employees Interest payable on business loan Mortgage payable on GSIS housing loan Accounts Payable Notes Payables to bank for business loan (long-term) Unpaid household bill Jimin Park, Capital P 2,400 13,000 26,600 10,000 8,800 12,000 240,000 72,000 8,000 1,600 92,000 4,000 16,000 1,000 ?

II. From the following data taken from the books of Dynamite Consultants, a service business owned and managed by Mr. Jimin Park and from other personal records, you are required to prepare a properly classified balance sheet using account form for the business as of August 31, 2020. Cash on Hand Cash in Bank Accounts Receivable Cash deposited in savings account of Mr. and Mrs. Park Furniture and Fixture used in the office Farmland located in Tanay Residential house and lot Household, appliances, furniture and equipment Unpaid salaries to business employees Interest payable on business loan Mortgage payable on GSIS housing loan Accounts Payable Notes Payables to bank for business loan (long-term) Unpaid household bill Jimin Park, Capital P 2,400 13,000 26,600 10,000 8,800 12,000 240,000 72,000 8,000 1,600 92,000 4,000 16,000 1,000 ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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