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As of December 31, 2010, Gab Badilles Company has liabilities of P350,000 and total equity of P250,000. How much should be reported as total assets? Note: Do not use Peso sign or "P". If the answer has decimal amount, round off your answer to two decimal places. For example, if your answer is P90,000, you should type 90,000

As of December 31, 2010, Gab Badilles Company has liabilities of P350,000 and total equity of P250,000. How much should be reported as total assets? Note: Do not use Peso sign or "P". If the answer has decimal amount, round off your answer to two decimal places. For example, if your answer is P90,000, you should type 90,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 27 1. As of December 31, 2010, Gab Badilles Company has liabilities of P350,000 and total equity of P250,000. How much should be reported as total assets? Note: Do not use Peso sign or "P". If the answer has decimal amount, round off your answer to two decimal places. For example, if your answer is P90,000, you should type 90,000
Transcribed Image Text:Question 27 1. As of December 31, 2010, Gab Badilles Company has liabilities of P350,000 and total equity of P250,000. How much should be reported as total assets? Note: Do not use Peso sign or "P". If the answer has decimal amount, round off your answer to two decimal places. For example, if your answer is P90,000, you should type 90,000
Question 28 1 p Ramoney had a business with beginning balance of his capital account of P350,000. During the year, he invested additional cash of P100,000 for his business. His business earned P75,000. How much should be the ending balance of his capital? O P525,000 O P450,000 P350,000 O P375.000
Transcribed Image Text:Question 28 1 p Ramoney had a business with beginning balance of his capital account of P350,000. During the year, he invested additional cash of P100,000 for his business. His business earned P75,000. How much should be the ending balance of his capital? O P525,000 O P450,000 P350,000 O P375.000
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