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On January 2, 2020, Cobra Kai sets up a firm and brings in office equipment of P50,000 and merchandise inventory of P30,000 to the business. The owner puts P80,000 into the firm's cash box and P100,000 into the firm's bank account. Meanwhile the firm lends P50,000 cash to Eagle Fang and borrows P200,000 from the bank to acquire a piece of premises. What is the amount of the firm's capital on January 31, 2020? O P510,000 O P210,000 O P260.000 O P460,000

On January 2, 2020, Cobra Kai sets up a firm and brings in office equipment of P50,000 and merchandise inventory of P30,000 to the business. The owner puts P80,000 into the firm's cash box and P100,000 into the firm's bank account. Meanwhile the firm lends P50,000 cash to Eagle Fang and borrows P200,000 from the bank to acquire a piece of premises. What is the amount of the firm's capital on January 31, 2020? O P510,000 O P210,000 O P260.000 O P460,000

FINANCIAL ACCOUNTING
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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On January 2, 2020, Cobra Kai sets up a firm and brings in office equipment of P50,000 and merchandise inventory of P30,000 to the business. The owner puts P80,000 into the firm's cash box and P100,000 into the firm's bank account. Meanwhile the firm lends P50,000 cash to Eagle Fang and borrows P200,000 from the bank to acquire a piece of premises. What is the amount of the firm's capital on January 31, 2020? O P510,000 O P210,000 O P260,000 O P460,000
Transcribed Image Text:On January 2, 2020, Cobra Kai sets up a firm and brings in office equipment of P50,000 and merchandise inventory of P30,000 to the business. The owner puts P80,000 into the firm's cash box and P100,000 into the firm's bank account. Meanwhile the firm lends P50,000 cash to Eagle Fang and borrows P200,000 from the bank to acquire a piece of premises. What is the amount of the firm's capital on January 31, 2020? O P510,000 O P210,000 O P260,000 O P460,000
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