On December 31, 2020, the pre-closing trial balance of Agency GHI shows the following totals: Current Assets P600,000, Property, Plant and Equipment, P800,000, Current Liabilities 500,000, Subsidy Income from NG 50,000 Expenses 40,000. What is the Accumulated Surplus/Deficit balance at December 31, 2020?

On December 31, 2020, the pre-closing trial balance of Agency GHI shows the following totals: Current Assets P600,000, Property, Plant and Equipment, P800,000, Current Liabilities 500,000, Subsidy Income from NG 50,000 Expenses 40,000. What is the Accumulated Surplus/Deficit balance at December 31, 2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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