XYZ Co. is a sole proprietorship owned by X. It was organized on January 1, 2018 with X's investment of P7,550,000. Immediately after organization, XYZ Co. obtained a loan from China Bank of P1,105,000. During the first year of operations, revenue amounted to P731,000, and operating costs and expenses totaled P429,500, which included P77,500 of depreciation expense. On December 15, X withdrew P26,580 from the business. No additional activitiesf affected owner's equity in 2018. The liabilities increased by P1,296,450 by December 31, 2018. What amount should be reported as total assets on December 31, 2018?
XYZ Co. is a sole proprietorship owned by X. It was organized on January 1, 2018 with X's investment of P7,550,000. Immediately after organization, XYZ Co. obtained a loan from China Bank of P1,105,000. During the first year of operations, revenue amounted to P731,000, and operating costs and expenses totaled P429,500, which included P77,500 of depreciation expense. On December 15, X withdrew P26,580 from the business. No additional activitiesf affected owner's equity in 2018. The liabilities increased by P1,296,450 by December 31, 2018. What amount should be reported as total assets on December 31, 2018?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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XYZ Co. is a sole proprietorship owned by X. It was organized on January 1, 2018 with X's investment of P7,550,000. Immediately after organization, XYZ Co. obtained a loan from China Bank of P1,105,000. During the first year of operations, revenue amounted to P731,000, and operating costs and expenses totaled P429,500, which included P77,500 of
What amount should be reported as total assets on December 31, 2018?
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