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  • Fabm 2 (Answer)

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    Asheng Manalo
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    The document lists various accounting terms and concepts related to financial statements including: 1) components of current and non-current assets and liabilities such as cash, accounts receivable, inventory, and loans payable; 2) true or false questions about accounting principles; 3) numerical problems calculating financial statement values; and 4) an example statement of financial position for a company with assets of $139,900 and liabilities and owner's equity of $139,900.

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    FABM 2

    Original Title

    FABM 2 (ANSWER)

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    The document lists various accounting terms and concepts related to financial statements including: 1) components of current and non-current assets and liabilities such as cash, accounts receivable, inventory, and loans payable; 2) true or false questions about accounting principles; 3) numerical problems calculating financial statement values; and 4) an example statement of financial position for a company with assets of $139,900 and liabilities and owner's equity of $139,900.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    6 views2 pages

    Fabm 2 (Answer)

    Uploaded by

    Asheng Manalo
    The document lists various accounting terms and concepts related to financial statements including: 1) components of current and non-current assets and liabilities such as cash, accounts receivable, inventory, and loans payable; 2) true or false questions about accounting principles; 3) numerical problems calculating financial statement values; and 4) an example statement of financial position for a company with assets of $139,900 and liabilities and owner's equity of $139,900.

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    © All Rights Reserved
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    of 2

    WRITTEN TASK

    A. LEARNING TASK 1.1 (PAGE 9)


    1.) Cash

    2.) Accounts Receivable

    3.) Inventory

    4.) Prepaid Expenses

    5.) Prop., Plant, and Equipment

    6.) Accum Depreciation

    7.) Accounts Payable

    8.) Accrued Expenses

    9.) Loans Payable

    10.) Owner’s Equity

    B. LEARNING TASK 1.2 (PAGE 9)


    1.) True

    2.) False

    3.) False

    4.) False

    5.) True

    6.) True

    7.) True

    8.) False

    9.) True

    10.) False
    C. LEARNING TASK 1.3 (PAGE 10)

    1.) P7,000

    2.) PP42,000

    3.) P12,00

    4.) P91,000

    D. LEARNING TASK 1.4 (PAGE 10)

    JN’S COMPANY

    STATEMENT OF FINANCIAL POSITION

    AS OF September 14,2020

    Assets Liabilities and


    Owner’s Equity

    Current Assets Current Liability


    Cash 5,000 Accounts Payable 22,400
    Accounts Receivable 2,600 Noncurrent Liability
    Supplies 2,300 Loans Payable 77,500
    Total Current Assets 9,900 Total Liabilities 99,900
    Non Current Assets Owner’s Equity 40,000
    Building 113,000 Total Liabilities and 139,900
    Equity

    Equipment 17,000
    Total Non- Current 130,000
    Assets

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