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What is the new balance of parkman net asse

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Problem 1: The net assets (capital) of Matt Parkman was P125,000. If an accounts payable of P11,700 was paid, what is the new balance of Parkman's net asset?

Problem 2: Rent income of P600 is collected in advanced. This is applicable for a six-month rental period ending January 31, 2021. The balance sheet to be prepared is dated December 31, 2020. If the pre-collection was recorded under the income method, the liability to be recorded would be

Reference no: EM132737313

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