"The Statement of Financial Position of Charles Corporation shows Total Assets of P1,500,000, Current Liabilities of P400,000, and Non-current Liabilities of P700,000. Assuming it has no drawings, then it has ending Capital balance of P400,000. O True O False

"The Statement of Financial Position of Charles Corporation shows Total Assets of P1,500,000, Current Liabilities of P400,000, and Non-current Liabilities of P700,000. Assuming it has no drawings, then it has ending Capital balance of P400,000. O True O False

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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Question

"The Statement of Financial Position of Charles Corporation shows Total Assets of P1,500,000, Current Liabilities of P400,000, and Non-current Liabilities of P700,000. Assuming it has no
drawings, then it has ending Capital balance of P400,000. "
O True
O False
A Moving to another question will save this response.
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