Question

Mr. Bean is a retired government employee who is good in baking. One day
he decides to put up a bakery shop in their barangay. He renovates a portion of his
house to serve as the area to produce bread. He purchases baking equipment and
raw materials to produce five different types of bread. Mr. Bean also hires Jack to
help him with the baking and, at the same time, to be in-charge of sales. Mr. Bean
pays Jack on a weekly basis. Every day, Mr. Beans wife deposits the daily cash
sales in their bank account at XY Savings Bank. With the help of accounting, what
possible decisions or questions of Mr. Bean can accounting provide an answer to?​

Answer 1

Answer:

he decided to put up a bakery shop in the baRangay

Answer 2

Answer:

Can the current assets cover the business' current liabilities.

Explanation:

What is current assets?

• All assets owned by the company that can be converted into cash within a year are recorded in the Current Assets account, which is a line item on the balance sheet under the Assets heading. Current assets are items whose value is reflected in the Current Assets account.
• Cash, cash equivalents, receivables, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets are examples of current assets. Current Accounts are another name for current assets. The balance of a company's assets that can be liquidated, used, or sold for cash within a year are shown in the current assets account on the balance sheet.

To learn more about balance sheet refer to:

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