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
icon
Related questions
Question
b.
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
Transcribed Image Text:b. 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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Personal Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education