Solution-What amount should be reported as total assets

What amount should be reported as total assets

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Reference no: EM133126144

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?

Reference no: EM133126144

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What amount should be reported as total assets

Reference no: EM133126144

Reference no: EM133126144

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