Carmelita Dresses started operations on July 1, 2014, with P200,000 from personal savings and P30,000 from a bank loan. During the first year of operations, net income was P60,000. On December 15, 2014, Carmelita withdrew P8,000 cash. No additional activities affected owners' equity in 2014. By December 31, 2014, Carmelita's liabilities had încreased to P57,600. In Carmelita's December 31, 2014 financial statements, how much total assets should be reportede
Carmelita Dresses started operations on July 1, 2014, with P200,000 from personal savings and P30,000 from a bank loan. During the first year of operations, net income was P60,000. On December 15, 2014, Carmelita withdrew P8,000 cash. No additional activities affected owners' equity in 2014. By December 31, 2014, Carmelita's liabilities had încreased to P57,600. In Carmelita's December 31, 2014 financial statements, how much total assets should be reportede
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Carmelita Dresses started operations on July 1, 2014, with
P200,000 from personal savings and P30,000 from a
bank loan. During the first year of operations, net income was
P60,000. On December 15, 2014, Carmelita withdrew
P8,000 cash. No additional activities affected owners' equity
in 2014. By December 31, 2014, Carmelita's liabilities had
încreased to P57,600. In Carmelita's December 31, 2014
financial statements, how much total assets should be reportede
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