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Bloom Company was incorporated on January 1, 2018, with P500,000 from the issuance if share capital and borrowed funds of P150,000. During the first year of operations, net income was P250,000. On December 15, Bloom paid a P50,000 cash dividend. No additional activities affected shareholders’ equity in 2018. On December 31, 2018, Bloom’s liabilities had increased to P180,000. In Bloom’s December 31, 2018 statement of financial position, what amount should be reported as total assets? a. P650,000 b. P930,000 c. P880,000 d. P680,000

Bloom Company was incorporated on January 1, 2018, with P500,000 from the issuance if share capital and borrowed funds of P150,000. During the first year of operations, net income was P250,000. On December 15, Bloom paid a P50,000 cash dividend. No additional activities affected shareholders’ equity in 2018. On December 31, 2018, Bloom’s liabilities had increased to P180,000. In Bloom’s December 31, 2018 statement of financial position, what amount should be reported as total assets? a. P650,000 b. P930,000 c. P880,000 d. P680,000

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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Bloom Company was incorporated on January 1, 2018, with P500,000 from the issuance if share capital and
borrowed funds of P150,000. During the first year of operations, net income was P250,000. On December 15,
Bloom paid a P50,000 cash dividend.
No additional activities affected shareholders’ equity in 2018. On December 31, 2018, Bloom’s liabilities had increased to P180,000.
In Bloom’s December 31, 2018 statement of financial position, what amount should be reported as total assets?
a. P650,000
b. P930,000
c. P880,000
d. P680,000

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