Marie opened a Printing shop by investing P200,000 out of her P300,000 pension. She also borrowed from UCPB another P200,000 for use in the business. With this, she bought a copying machine for P350,000 and supplies for P20,000. The remaining P30,000 she set aside for the operating needs of the business. For June, she received P48,000 from the customers for reproduction work and paid P5,000 for rent and P3,000 for power and water. Of the supplies bought 40% were used up. Continue with the Marie illustration. The following transactions took place for the month of July. Sales amounted to P52,000. Paper and ink were purchased and paid for 20,000. Total supplies available amounted to P32,000, half of these were used up. The monthly rent was again paid. Power and water were paid but it increased by P2,000. Marie made a P3,000 cash withdrawal. She paid her UCB loan for P50,000. REQUIRED: How much are the total assets on July 31?
Marie opened a Printing shop by investing P200,000 out of her P300,000 pension. She also borrowed from UCPB another P200,000 for use in the business. With this, she bought a copying machine for P350,000 and supplies for P20,000. The remaining P30,000 she set aside for the operating needs of the business. For June, she received P48,000 from the customers for reproduction work and paid P5,000 for rent and P3,000 for power and water. Of the supplies bought 40% were used up.
Continue with the Marie illustration. The following transactions took place for the month of July. Sales amounted to P52,000. Paper and ink were purchased and paid for 20,000. Total supplies available amounted to P32,000, half of these were used up. The monthly rent was again paid. Power and water were paid but it increased by P2,000. Marie made a P3,000 cash withdrawal. She paid her UCB loan for P50,000.
REQUIRED:
How much are the total assets on July 31?
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