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    Assets Liabilities and Equity

    Uploaded by

    Arian Amurao
    The statement of financial position of Leopoldo Medina on October 1, 2019 shows total assets of P454,000 including cash, notes receivable, accounts receivable, inventory, and fixed assets. Total liabilities and equity also equal P454,000 consisting of notes payable, accounts payable, and Leopoldo Medina's capital. Challoner Matero offered to invest cash in exchange for a capital credit equal to half of Medina's adjusted capital, which Medina accepted. The adjustments include revaluing inventory to P74,000 and recognizing that accounts receivable are 95% collectible.

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    Assets Liabilities and Equity

    Uploaded by

    Arian Amurao
    597 views2 pages
    The statement of financial position of Leopoldo Medina on October 1, 2019 shows total assets of P454,000 including cash, notes receivable, accounts receivable, inventory, and fixed assets. Total liabilities and equity also equal P454,000 consisting of notes payable, accounts payable, and Leopoldo Medina's capital. Challoner Matero offered to invest cash in exchange for a capital credit equal to half of Medina's adjusted capital, which Medina accepted. The adjustments include revaluing inventory to P74,000 and recognizing that accounts receivable are 95% collectible.

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    The statement of financial position of Leopoldo Medina on October 1, 2019 shows total assets of P454,000 including cash, notes receivable, accounts receivable, inventory, and fixed assets. Total liabilities and equity also equal P454,000 consisting of notes payable, accounts payable, and Leopoldo Medina's capital. Challoner Matero offered to invest cash in exchange for a capital credit equal to half of Medina's adjusted capital, which Medina accepted. The adjustments include revaluing inventory to P74,000 and recognizing that accounts receivable are 95% collectible.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    597 views2 pages

    Assets Liabilities and Equity

    Uploaded by

    Arian Amurao
    The statement of financial position of Leopoldo Medina on October 1, 2019 shows total assets of P454,000 including cash, notes receivable, accounts receivable, inventory, and fixed assets. Total liabilities and equity also equal P454,000 consisting of notes payable, accounts payable, and Leopoldo Medina's capital. Challoner Matero offered to invest cash in exchange for a capital credit equal to half of Medina's adjusted capital, which Medina accepted. The adjustments include revaluing inventory to P74,000 and recognizing that accounts receivable are 95% collectible.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    statement of financial position of Leopoldo Medina on October 1, 2019, before accepting Challoner Matero as partners is

    shown below:

    Leopoldo Medina
    Statement of Financial Position
    October 1, 2019
    ASSETS LIABILITIES AND EQUITY
    Cash P60,000 Notes Payable P40,000
    Notes Receivable 30,000 Accounts Payable 100,000
    Accounts receivable 240,000 Leopoldo Medina, Capital 314,000
    Allowance for uncollected (10,000)
    accounts
    Merchandise inventory 80,000
    Furniture and fixtures 60,000
    Acc. Depreciation (6,000)
    TOTAL ASSETS P454,000 TOTAL LIABILITIES AND P454,000
    EQUITY

    Challoner Matero offered to invest cash to get a capital credit equal to one-half of the Leopoldo Medina’s capital
    after giving effect to the adjustment below. Medina accepted the offer.

    1. Merchandise inventory is to be valued at 74,000


    2. The account receivable is 95% collectible.

    Interest accrued on the note receivable will be recognized 10,000, 12% dated July 1 2019 and 20,000, statement of
    financial position of Leopoldo Medina on October 1, 2019, before accepting Challoner Matero as partners is shown below:

    Leopoldo Medina
    Statement of Financial Position
    October 1, 2019
    ASSETS LIABILITIES AND EQUITY
    Cash P60,000 Notes Payable P40,000
    Notes Receivable 30,000 Accounts Payable 100,000
    Accounts receivable 240,000 Leopoldo Medina, Capital 314,000
    Allowance for uncollected (10,000)
    accounts
    Merchandise inventory 80,000
    Furniture and fixtures 60,000
    Acc. Depreciation (6,000)
    TOTAL ASSETS P454,000 TOTAL LIABILITIES AND P454,000
    EQUITY

    Challoner Matero offered to invest cash to get a capital credit equal to one-half of the Leopoldo Medina’s capital
    after giving effect to the adjustment below. Medina accepted the offer.

    1. Merchandise inventory is to be valued at 74,000


    2. The account receivable is 95% collectible.

    Interest accrued on the note receivable will be recognized 10,000, 12% dated July 1 2019 and 20,000, statement of
    financial position of Leopoldo Medina on October 1, 2019, before accepting Challoner Matero as partners is shown below:

    Leopoldo Medina
    Statement of Financial Position
    October 1, 2019
    ASSETS LIABILITIES AND EQUITY
    Cash P60,000 Notes Payable P40,000
    Notes Receivable 30,000 Accounts Payable 100,000
    Accounts receivable 240,000 Leopoldo Medina, Capital 314,000
    Allowance for uncollected (10,000)
    accounts
    Merchandise inventory 80,000
    Furniture and fixtures 60,000
    Acc. Depreciation (6,000)
    TOTAL ASSETS P454,000 TOTAL LIABILITIES AND P454,000
    EQUITY

    Challoner Matero offered to invest cash to get a capital credit equal to one-half of the Leopoldo Medina’s capital
    after giving effect to the adjustment below. Medina accepted the offer.

    1. Merchandise inventory is to be valued at 74,000


    2. The account receivable is 95% collectible.

    Interest accrued on the note receivable will be recognized 10,000, 12% dated July 1 2019 and 20,000, statement of
    financial position of Leopoldo Medina on October 1, 2019, before accepting Challoner Matero as partners is shown below:

    Leopoldo Medina
    Statement of Financial Position
    October 1, 2019
    ASSETS LIABILITIES AND EQUITY
    Cash P60,000 Notes Payable P40,000
    Notes Receivable 30,000 Accounts Payable 100,000
    Accounts receivable 240,000 Leopoldo Medina, Capital 314,000
    Allowance for uncollected (10,000)
    accounts
    Merchandise inventory 80,000
    Furniture and fixtures 60,000
    Acc. Depreciation (6,000)
    TOTAL ASSETS P454,000 TOTAL LIABILITIES AND P454,000
    EQUITY

    Challoner Matero offered to invest cash to get a capital credit equal to one-half of the Leopoldo Medina’s capital
    after giving effect to the adjustment below. Medina accepted the offer.

    1. Merchandise inventory is to be valued at 74,000


    2. The account receivable is 95% collectible.

    Interest accrued on the note receivable will be recognized 10,000, 12% dated July 1 2019 and 20,000, statement of
    financial position of Leopoldo Medina on October 1, 2019, before accepting Challoner Matero as partners is shown below:

    Leopoldo Medina
    Statement of Financial Position
    October 1, 2019
    ASSETS LIABILITIES AND EQUITY
    Cash P60,000 Notes Payable P40,000
    Notes Receivable 30,000 Accounts Payable 100,000
    Accounts receivable 240,000 Leopoldo Medina, Capital 314,000
    Allowance for uncollected (10,000)
    accounts
    Merchandise inventory 80,000
    Furniture and fixtures 60,000
    Acc. Depreciation (6,000)
    TOTAL ASSETS P454,000 TOTAL LIABILITIES AND P454,000
    EQUITY

    Challoner Matero offered to invest cash to get a capital credit equal to one-half of the Leopoldo Medina’s capital
    after giving effect to the adjustment below. Medina accepted the offer.

    1. Merchandise inventory is to be valued at 74,000


    2. The account receivable is 95% collectible.

    Interest accrued on the note receivable will be recognized 10,000, 12% dated July 1 2019 and 20,000,

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