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  • Assign Week 8 Funda of Fin Acctg and Reporting

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    Hazel Jane Mejia
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    The document contains the balance sheet of Noemi Par Day Care as of December 31, 2019. It lists assets including cash, accounts receivable, land, building, and equipment totaling P800,000. Liabilities include accounts payable of P160,000, with owner's equity of Par, Capital at P640,000. The balance sheet balances at P800,000 in total liabilities and owner's equity. It also contains multiple choice questions about effects of transactions on the balance sheet accounts.

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    The document contains the balance sheet of Noemi Par Day Care as of December 31, 2019. It lists assets including cash, accounts receivable, land, building, and equipment totaling P800,000. Liabilities include accounts payable of P160,000, with owner's equity of Par, Capital at P640,000. The balance sheet balances at P800,000 in total liabilities and owner's equity. It also contains multiple choice questions about effects of transactions on the balance sheet accounts.

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    27 views1 page

    Assign Week 8 Funda of Fin Acctg and Reporting

    Uploaded by

    Hazel Jane Mejia
    The document contains the balance sheet of Noemi Par Day Care as of December 31, 2019. It lists assets including cash, accounts receivable, land, building, and equipment totaling P800,000. Liabilities include accounts payable of P160,000, with owner's equity of Par, Capital at P640,000. The balance sheet balances at P800,000 in total liabilities and owner's equity. It also contains multiple choice questions about effects of transactions on the balance sheet accounts.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    FUNDAMENTALS OF FINANCIAL ACCOUNTING AND REPORTING

    ASSIGNMENT MODULE 8
    AY 2020-2021

    Noemi Par Day Care


    Balance Sheet
    December 31, 2019
    Assets
    Cash P80,000
    Accounts receivable 10,000
    Land 140,000
    Building 440,000
    Equipment 130,000
    Total assets P800,000
    Liabilities
    Accounts payable P160,000
    Owner’s equity
    Par, Capitalo 640,000
    Total liabilities and owner’s equity P800,000
    If the balance in the Cash account were used to pay part of Accounts Payable, then total liabilities and
    owner’s equity would
    A. Decrease by P80,000
    B. Decrease by P160,000
    C. Increase by P80,000
    D. Increase by P160,000
    ANSWER: A

    If the equipment were sold for P130,000, then the Par, Capital account would
    A. Decrease by P130,000
    B. Increase by P130,000
    C. Increase by P370,000
    D. Stay the same
    ANSWER: D

    If the balance in the Cash account were used to buy more equipment, then the total assets would
    A. Decrease by P80,000
    B. Increase by P80,000
    C. Increase by P210,000
    D. Remain
    unchanged ANSWER:
    D

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