Reference no: EM133108079
Question - HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. as it was organized only on January 1, 2021:
Accounts payable 500,000
Accounts receivable 400,000
Accumulated depreciation - Property and equipment 100,000
Cash 500,000
Finished goods - December 31 450,000
Goods in process - December 31 750,000
Net Income for the current year 1,000,000
Property and equipment 3,000,000
Raw materials - December 31 500,000
The company was organized on January 1, 2021 by issuing 25,000 ordinary shares of P100 par value being issued in exchange for property and equipment worth P3,000,000 and cash of P1,000,000.
Required - What amount should be reported as total assets at the end of the period?