At the end of its first year of operations, FDN Trading reported net income of P30,000. It also had account balances of: Cash, P16,000; Office Supplies, $5,200; Equipment, P25,000; and Accounts Receivable, P9,000. The owner invested P17,000 at the start of its first year of operations and withdrew $4,700 for personal use. How much is total liabilities at the end of the year?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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At the end of its first year of operations, FDN Trading reported net income of $30,000. It also had
account balances of: Cash, P16,000; Office Supplies, P5,200; Equipment, P25,000; and Accounts
Receivable, P9,000. The owner invested P17,000 at the start of its first year of operations and
withdrew $4,700 for personal use.
How much is total liabilities at the end of the year?
Transcribed Image Text:At the end of its first year of operations, FDN Trading reported net income of $30,000. It also had account balances of: Cash, P16,000; Office Supplies, P5,200; Equipment, P25,000; and Accounts Receivable, P9,000. The owner invested P17,000 at the start of its first year of operations and withdrew $4,700 for personal use. How much is total liabilities at the end of the year?
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