25. At the start of the period, a business has total assets of P500,000 and total liabilities of P300,000. During the period, the business earned total income of P1,000,000 and total expenses of P640,000. No additional investments or withdrawals were made by the owner. Total assets at the end of the period were P830,000. How much is the total liabilities at the end of the period? a. P 280,000 b. P 270,000 c. P 260,000 d. P 240,000

25. At the start of the period, a business has total assets of P500,000 and total liabilities of P300,000. During the period, the business earned total income of P1,000,000 and total expenses of P640,000. No additional investments or withdrawals were made by the owner. Total assets at the end of the period were P830,000. How much is the total liabilities at the end of the period? a. P 280,000 b. P 270,000 c. P 260,000 d. P 240,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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