Answer to Question #245280 in Accounting for nicole

Question

Accounts Payable     ₱ 600,000 

Unearned Revenue             1,210,000 

Salaries Payable- current 120,000 

Owner’s Withdrawals             280,000 

Owner’s Capital                         1,500,000 

Comprehensive Income 3,000,000 

Total Current Assets 80% of total liabilities 

Cash                         250,000 

Inventories           480,000 

Prepaid Expenses 600,000

 Property, Plant and Equipment       ? 

Accounts Receivable                         ? 

 a. Prepare the SFP using the ACCOUNT FORM 

b. Prepare the SFP using the REPORT FORM

 NOTE: Classify the assets and liabilities as to their current and noncurrent classification.

Answer 1

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