The beginning capital balance shown on FDNACCT's Statement of Changes in Owner's Equity is P79,000. Net income for the period is P25,000. The owner withdrew P78,000 cash from the business and made additional investments of P15,000 during the period. Total current liabilities are recorded at P103,000 while long term liabilities amount to P422,000. How much is the total assets at year end?
The beginning capital balance shown on FDNACCT's Statement of Changes in Owner's Equity is P79,000. Net income for the period is P25,000. The owner withdrew P78,000 cash from the business and made additional investments of P15,000 during the period. Total current liabilities are recorded at P103,000 while long term liabilities amount to P422,000. How much is the total assets at year end?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer correctly. Thanks.
Transcribed Image Text:The beginning capital balance shown on FDNACCT's Statement of Changes in
Owner's Equity is P79,000. Net income for the period is P25,000. The owner
withdrew P78,000 cash from the business and made additional investments of
P15,000 during the period. Total current liabilities are recorded at P103,000 while
long term liabilities amount to P422,000.
How much is the total assets at year end?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education