At the end of its first year of operations, FDNACCT reported net income of P150,000. Assets at year-end are as follows: Cash P25,000 Office Supplies 15,000 Equipment 150,000 Accounts Receivable 30,000 Total Assets P220,000 Initial investment was P55,000 and the owner's personal withdrawal amounted P10,000. Ending balance of Owner's Equity is P200,000. How much is the total liahilities of the business at vear-end?
At the end of its first year of operations, FDNACCT reported net income of P150,000. Assets at year-end are as follows: Cash P25,000 Office Supplies 15,000 Equipment 150,000 Accounts Receivable 30,000 Total Assets P220,000 Initial investment was P55,000 and the owner's personal withdrawal amounted P10,000. Ending balance of Owner's Equity is P200,000. How much is the total liahilities of the business at vear-end?
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter13: Statement Of Cash Flows
Section: Chapter Questions
Problem 13.5EX: Cash flows from operating activities indirect method The net income reported on the income statement...
Related questions
Question
Please answer correctly. Thank you.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
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
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Corporate Financial Accounting
Accounting
ISBN:
9781337398169
Author:
Carl Warren, Jeff Jones
Publisher:
Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Corporate Financial Accounting
Accounting
ISBN:
9781337398169
Author:
Carl Warren, Jeff Jones
Publisher:
Cengage Learning