Balances of the asset accounts of Faith D. Nakpil Accounting Services (FDNACCT) at the end of the first month of operation are as follows: Accounts Receivable, P80,000; Prepaid Insurance, P11,000; Equipment, P90,000 and Cash, P35,000. On the same period, the business owed the amount of P88,000 and P24,500. How much is the total liabilities of business?
Balances of the asset accounts of Faith D. Nakpil Accounting Services (FDNACCT) at the end of the first month of operation are as follows: Accounts Receivable, P80,000; Prepaid Insurance, P11,000; Equipment, P90,000 and Cash, P35,000. On the same period, the business owed the amount of P88,000 and P24,500. How much is the total liabilities of business?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Balances of the asset accounts of Faith D. Nakpil Accounting Services (FDNACCT) at the end of the first month of operation are as follows:
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