At the end of its first year of operations, FDNACCT reported net income of P150,000. Assets at year-end are as follows: Cash P25,000 Office Supplies 15,000 Equipment 150,000 Accounts Receivable 30,000 Total Assets P220,000 Initial investment was P55,000 and the owner's personal withdrawal amounted P10,000. Ending balance of Owner's Equity is P198,000. How much is the total liabilities of the business at year-end?

At the end of its first year of operations, FDNACCT reported net income of P150,000. Assets at year-end are as follows: Cash P25,000 Office Supplies 15,000 Equipment 150,000 Accounts Receivable 30,000 Total Assets P220,000 Initial investment was P55,000 and the owner's personal withdrawal amounted P10,000. Ending balance of Owner's Equity is P198,000. How much is the total liabilities of the business at year-end?

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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