Reference no: EM132940578
The Gian Co. began operations in 2019. During 2019, the bookkeeper used a check registerto record all cash receipts and cash disbursements. No other journals were used.
The following is a summary of the cash receipts and disbursements made during the year:
Cash receipts:
Sale of share capital P 90,000Collections from customers 460,000
September 1, 2019, one-year, 12% loan 60,000Total cash receipts P 610,000Cash disbursements:Payment of inventories P 230,000
Payment of salaries 80,000Acquisition of equipment 90,000
Payment of rent 30,000Miscellaneous expenses 11,000Total cash disbursements P 441,000Cash, End P 169,000The following additional information were gathered:a. Customers owed the company P56,000 at year end, P8,000 of which may probablynot be collected.
b. At year end, P70,000 was still due to suppliers of merchandise.
c. At year-end, merchandise inventory costing P24,000 still remained on hand.d. Salaries owed to employees at year-end amounted to P13,000.
e. On November 1, 2019, P40,000 rent was paid representing rent for 6 monthsbeginning November 1, 2019.f. The equipment, which has a 10-year life was purchased on January 1, 2019.Straight-line depreciation is used.
Problem 1: Determine the adjusted balances of the following for the year ended/as of December 31, 2019:
a. Sales Revenue?
b. Cost of Sales?
c. Expenses?
d. Total Current Assets?
e. Total Non-current Assets?
f. Total Current Liabilities?
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