1.. Nielson Napila starts with a Repair Shop business in Davao

Added on - 16 Sep 2019

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1.Nielson Napila starts with a Repair Shop business in Davao City. At thebeginning of the period his capital is P350,000 which equalled to hisinvestment. At the end of the period, his capital balance is P450,000 which is60% of total assets. How much represents the total claims from outsidecreditors.2.Determination of Unknown AssetsPrepaid InsuranceP10,000Notes Receivable60,000Petty Cash Fund2,000Accounts Payable10,000Accounts Receivable80,000Unused Supplies20,000Estimated Uncollectible Accounts1,000Cash in Bank30,000Salaries Payable15,000Transportation Equipment90,000Accumulated Depreciation5,000How much is the total assets?_____________
3.Compute the missing itemsMerchandise Inventory, begP220,000Cost of Sales270,000Purchases________Total Goods Available for Sale750,000Merchandise Inventory, end________Purchase Discounts________Purchase Returns and Allowances________4.The partial trial balance of A. Basarte Merchandising for the year endedDecember 2012 is given below:DebitCredit
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