Below are the Statement of Financial Position of Malibu Finance Inc for the year 2020. Statement of Financial position 2020 Asset Cash P1,100,000.00 AR P1,027,000.00 Prepaid insurance P15,000.00 Marketable securities P600,000.00 Merchandise inventory P600,000.00 Furniture and fixtures [net] $350,000.00 Land P900,000.00 Building [net] $3,250,000.00 Total assets P7,842,000.00 Liabilities and Equity AP P1,530,000.00 Notes Payable (due in 6 months) P600,000.00 Bonds payable due in 5 years P500,000.00 Total liabilities P2,630,000.00 Shareholders Equity $4,000,000.00 Ordinary shares
Below are the Statement of Financial Position of Malibu Finance Inc for the year 2020. Statement of Financial position 2020 Asset Cash P1,100,000.00 AR P1,027,000.00 Prepaid insurance P15,000.00 Marketable securities P600,000.00 Merchandise inventory P600,000.00 Furniture and fixtures [net] $350,000.00 Land P900,000.00 Building [net] $3,250,000.00 Total assets P7,842,000.00 Liabilities and Equity AP P1,530,000.00 Notes Payable (due in 6 months) P600,000.00 Bonds payable due in 5 years P500,000.00 Total liabilities P2,630,000.00 Shareholders Equity $4,000,000.00 Ordinary shares
Financial Management: Theory & Practice
16th Edition
ISBN:9781337909730
Author:Brigham
Publisher:Brigham
Chapter2: Financial Statements, Cash Flow,and Taxes
Section: Chapter Questions
Problem 16P
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