Assets Cash In Bank Accounts Receivable Equipment Total Assets Nelson Palete Co. Balance Sheet As of...

 

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Assets Cash In Bank Accounts Receivable Equipment Total Assets Nelson Palete Co. Balance Sheet As of December 31, 2013 P 140,000 90,000 100,000 P. 330.000 Liabilities and Owner's Equity Accounts Payable N. Palete, Capital Total Liabilities & Owner's Equity (Consider each case separately) If 3/4 of the Accounts Receivable will be collected, a. there will be no change in total assets b. there will be an increase in cash by P67,500 c. collectible accounts will be reduced to P22,500 d. all of the above if total obligations will be paid from the available cash, a. total assets will be decreased by P40,000 b. total liabilities will be reduced to zero c. owner's equity will remain at P290,000 d. all of the above P 40,000 290,000 P. 330.000 If Palete will withdraw an amount of P20,000 from his present capital, what would now be the new accounting equation? a. Assets, P310,000 = Liabilities, P40,000+ Owner's Equity, P270,000 b. Assets, P310,000 - Liabilities, P40,000 = Owner's Equity, P270,000 c. Owner's Equity, P270,000 Assets, P310,000-Liabilities, P40,000 d. All of the above Assets Cash In Bank Accounts Receivable Equipment Total Assets Nelson Palete Co. Balance Sheet As of December 31, 2013 P 140,000 90,000 100,000 P. 330.000 Liabilities and Owner's Equity Accounts Payable N. Palete, Capital Total Liabilities & Owner's Equity (Consider each case separately) If 3/4 of the Accounts Receivable will be collected, a. there will be no change in total assets b. there will be an increase in cash by P67,500 c. collectible accounts will be reduced to P22,500 d. all of the above if total obligations will be paid from the available cash, a. total assets will be decreased by P40,000 b. total liabilities will be reduced to zero c. owner's equity will remain at P290,000 d. all of the above P 40,000 290,000 P. 330.000 If Palete will withdraw an amount of P20,000 from his present capital, what would now be the new accounting equation? a. Assets, P310,000 = Liabilities, P40,000+ Owner's Equity, P270,000 b. Assets, P310,000 - Liabilities, P40,000 = Owner's Equity, P270,000 c. Owner's Equity, P270,000 Assets, P310,000-Liabilities, P40,000 d. All of the above

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The detailed answer for the above question is provided below SOLUTION Lets analyze each case separately Case 1 If 34 of the Accounts Receivable will b... View the full answer