Question

Bank Loans (payable in 5 years)- Php500,000
Undeposited cash - Php630,000
Collectibles from customers (short-term) - Php300,000
Retained earnings - Php770,000
Unsold items to customers- Php 800,000
Advance payment of rent (6months)- Php60,000
Net Income-Php225,000
Common Stocks - Php1,200,000
Deposited cash- Php750,000
Office Supplies (unused) - Php15,000
Tables and chairs - Php65,000
Acquired 3 computers for office use - Php75,000
a) Prepare the balance sheet as of December 31, 2010. (10pts)
b) Compute for the total current assets as of December 31, 2010. (4points)
c) Calculate the net working Capital at the end of the year. (3points)
d) Solve for the total equity as of December 31, 2010. (3points)

Answer 1

Answer:

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Explanation:

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