"Assume a company's November 1, 2020, financial position was: Assets: P400,000 and Liabilities P150,000. During November, the company completed the following transactions: (a) paid on a note payable P40,000 (no interest); (b) collected trade receivables amounting to P40,000; (c) paid trade payables P20,000; and (dí purchased a truck P10,000 cash and P80,000 notes payable. How much did company report as total liabilities on November 30, 2020? [DO NOT PUT PESO SIGN, COMMA, SPACE]"
"Assume a company's November 1, 2020, financial position was: Assets: P400,000 and Liabilities P150,000. During November, the company completed the following transactions: (a) paid on a note payable P40,000 (no interest); (b) collected trade receivables amounting to P40,000; (c) paid trade payables P20,000; and (dí purchased a truck P10,000 cash and P80,000 notes payable. How much did company report as total liabilities on November 30, 2020? [DO NOT PUT PESO SIGN, COMMA, SPACE]"
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 7DQ
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