Compute for total assets if the owner's initial contribution for opening a business is P150,000. Three months later, he made an additional investment of P200,000. During the 2nd quarter of the fiscal year, the business spent P100,000 to buy equipment for the business. Within the normal operations of the business, total revenues amounted to P500,000. The business did not incur any present obligations.

Compute for total assets if the owner's initial contribution for opening a business is P150,000. Three months later, he made an additional investment of P200,000. During the 2nd quarter of the fiscal year, the business spent P100,000 to buy equipment for the business. Within the normal operations of the business, total revenues amounted to P500,000. The business did not incur any present obligations.

Name: Compute for total assets if the owner's initial contribution for openi
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Description: Compute for total assets if the owner's initial contribution for opening a business is P150,000. Three months later, he made an additional investment of P200,000. During the 2nd quarter of the fiscal year, the business spent P100,000 to buy equipment

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 10DQ

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