Partnership Formation Accounting Quiz
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Questions and Answers

What is the total amount of current assets for MinJung Café & Restaurant?

  • $435,400 (correct)
  • $228,400
  • $473,400
  • $311,000

    • What is the total amount of non-current assets for MinJung Café & Restaurant?

  • $245,000 (correct)
  • $473,400
  • $311,000
  • $435,400

    • What is the total amount of liabilities for MinJung Café & Restaurant?

  • $45,000 (correct)
  • $228,400
  • $311,000
  • $120,000

    • What is the total non-current assets after depreciation?

    <p>P46,500</p> Signup and view all the answers

    What is the total liabilities?

    <p>P349,500</p> Signup and view all the answers

    What is the purpose of adjusting the net realizable value of accounts receivable from P43,500 to P40,000?

    <p>To record a loss on revaluation of accounts receivable</p> Signup and view all the answers

    What is the purpose of the first adjusting entry in Chang's books?

    <p>To write off bad accounts</p> Signup and view all the answers

    What is the purpose of the second adjusting entry in Chang's books?

    <p>To recognize an allowance for doubtful accounts</p> Signup and view all the answers

    What is the purpose of the third adjusting entry in Chang's books?

    <p>To accrue interest on Notes Payable</p> Signup and view all the answers

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