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Little Mary Company's Total Liabilities Amounted PHP 18,000. Total Equity Had An Ending Balance of PHP 20,000. How Much Is Total Assets?

The document provides financial account balances for Little Mary's including accounts receivable of Php 500,000, prepaid expense and unearned income totaling Php 30,000 and Php 10

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Krisha Joy Mercado
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58 views

Little Mary Company's Total Liabilities Amounted PHP 18,000. Total Equity Had An Ending Balance of PHP 20,000. How Much Is Total Assets?

The document provides financial account balances for Little Mary's including accounts receivable of Php 500,000, prepaid expense and unearned income totaling Php 30,000 and Php 10

Uploaded by

Krisha Joy Mercado
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Little Mary Company’s total liabilities amounted Php 18,000.

Total equity had an ending balance of Php 20,000. How much is


total
assets?
Little Mary’s had the following accounts at year end: Cash-
262,000, Accounts Payable-70,000, Prepaid Expense-16,000.
Compute for the
company’s current assets.
Little Mary’s Accounts Receivable
amounted to Php 500,000. Prepaid
Expense and Unearned Income totaled Php
30,000 and Php
10,000 respectively. Cash balance
amounted to Php 100,000 while Accounts
Payable and Inventory totaled to Php
20,000 and Php 10,000
respectively. How much is the company’s
current assets? Current liabilities?
Company’s Total Liabilities and Equity amounted to Php 385,000. Total noncurrent assets
ended at Php 83,000. Cash totaled Php55,000.
Inventory amounted to Php104,000. Assuming the company had no other assets, how
much is Accounts Receivable?
Total assets amounted to Php575,000. Total equity amounted to Php 250,000. Accounts
Payable amounted to Php 50,000 while Unearned
Income totaled Php 85,000. Assuming there are no other current liabilities, compute for
the company’s noncurrent liabilities.
• On April 1, 2016, Raymond Ramos organized a business called RR Trucking's. During
April, the company entered into the following transactions: 
• Apr 1 Mr. Ramos deposited Php500, 000 cash in a bank account in the name of the
business.
• Apr 1 Purchased for Php250, 000 a transportation equipment to be use in the
business. Ramos paid 50% as down payment while the balance will be paid on May
15, 2016
• Apr 1 Paid rental for the month of April, Php 5,000
• Apr 5 Earned and collected trucking income from Rei, Php8, 000
• Apr 8 Earned trucking income from Isabel, Php 30,000 on account. Isabel will pay
on May 8, 2016
• Apr 10 Paid salaries of drivers, Php10, 000
• Apr 15 Rented the vehicle to Alexa for Php35, 000, Alexa paid Php20, 000 on that
date and the balance on April 20
• Apr 18 Paid electric bills for the month, Php2, 000
• Apr 20 Collected from Alexa the balance of his April 15 account
• Apr 25 Purchased office supplies, Php2, 300
• Apr 29 Earned and collected trucking income from Kiah, Php 18,000

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