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PARCOR

The document shows a statement of financial position for Fish R' US as of January 1, 2018 listing total assets of $1,490,000 including cash, accounts receivable after allowance for uncollectible accounts, inventory, and equipment. Total liabilities and owner's equity are also $1,490,000 including accounts payable and capital contributions from owners Espanol and Quino. Computations are provided adjusting the book values of some accounts to their proper adjusted amounts.

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jelai anselmo
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663 views

PARCOR

The document shows a statement of financial position for Fish R' US as of January 1, 2018 listing total assets of $1,490,000 including cash, accounts receivable after allowance for uncollectible accounts, inventory, and equipment. Total liabilities and owner's equity are also $1,490,000 including accounts payable and capital contributions from owners Espanol and Quino. Computations are provided adjusting the book values of some accounts to their proper adjusted amounts.

Uploaded by

jelai anselmo
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Problem #5

Computation
Cash 36,000
Accounts Receivable 150,000 Cash
Inventory 460,000 Accounts Receivable
Equipment 124,000 Allowance for uncollectible a
Allowance for uncollectible accounts 10,000 Inventory
Accounts Payable 30,000 Equipment
Espanol, Capital 730,000 Accummulated Depreciation
Accounts Payable
Espanol, Capital
Cash 730,000
Quino, Capital 730,000

Fish R' US
Statement of Financial Position
1-Jan-18

ASSETS

Cash 766,000
Accounts Receivable 150,000
Less: Allowance for Uncollectible Accounts 10,000 140,000
Inventory 460,000
Equipment 124,000
Total Assets 1,490,000

LIABILITIES AND OWNER'S EQUITY

Accounts Payable 30,000


Espanol, Capital 730,000
Quino, Capital 730,000
Total Liabilities and Owner's Equity 1,490,000
Computation
Book Adjusted
36,000 36,000
Accounts Receivable 150,000 150,000
Allowance for uncollectible accounts (16,000) (10,000)
440,000 460,000
Equipment 135,000 124,000
Accummulated Depreciation (75,000) -
Accounts Payable (30,000) (30,000)
Espanol, Capital 730,000
Problem #8

Geron
Cash 11,000
Accounts Receivable 234,536
Inventories 114535
Land 603,000
Furnitures and Fixtures 50,345
Allowance for Uncollectible Accounts 20,000
Accounts Payable 178,940
Notes Payable 200,000
Geron, Capital 614,476

Yumol
Cash 22,354
Accounts Receivable 567,890
Inventories 253402
Building 428,267
Furnitures and Fixtures 34,789
Allowance for Uncollectible Accounts 35,000
Accounts Payable 243,650
Notes Payable 345,000
Yumol, Capital 683,052
Computation
Book Adjusted
Cash 11,000 11,000
Accounts Receivable 234,536 234,536
Allowance for Uncollectible Accounts - (20,000)
Inventories 120,035 114535
Land 603,000 603,000
Furniture and fixtures 50,345 50,345
Other Assets 2,000 -
Accounts Payable (178,940) (178,940)
Notes Payable (200,000) (200,000)
Geron, Capital 641,976 614,476

Book Adjusted
Cash 22,354 22,354
Accounts Receivable 567,890 567,890
Allowance for Uncollectible Accounts - (35000)
Inventories 260,102 253402
Building 428,267 428,267
Furniture and Fixtures 34,789 34,789
Other Assets 3,600 -
Accounts Payable (243650) (243650)
Notes Payable (345000) (345000)
Yumol, Capital 728,352 683,052
Problem #6

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