Malapit Company is a well-known laundry shop which was started and formed by the family with a starting capital of Php 1,000,000.00. It's renting out 2 shops and has a total monthly rental of Php 50,000.00. They are paying their employees' wages a total of Php 20,000.00 monthly. The said laundry has a business vehicle worth Php 200,000.00 that is used as a delivery service. Currently, the Gross revenue is @ Php 200,000.00 monthly. After two years of operation they want to open a new branch so they are planning to borrow Php 500,000.00 as additional funds from financial institution and use their business vehicles and laundry machines to serve as guaranty of payments to the said financial institution.

Malapit Company is a well-known laundry shop which was started and formed by the family with a starting capital of Php 1,000,000.00. It's renting out 2 shops and has a total monthly rental of Php 50,000.00. They are paying their employees' wages a total of Php 20,000.00 monthly. The said laundry has a business vehicle worth Php 200,000.00 that is used as a delivery service. Currently, the Gross revenue is @ Php 200,000.00 monthly. After two years of operation they want to open a new branch so they are planning to borrow Php 500,000.00 as additional funds from financial institution and use their business vehicles and laundry machines to serve as guaranty of payments to the said financial institution.

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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