The owner of FDN Trading received the amount loaned personally from a bank amounting to P1,600,000 and invested P900,000 of it into the business. How much is the increase in the total assets of the business?

The owner of FDN Trading received the amount loaned personally from a bank amounting to P1,600,000 and invested P900,000 of it into the business. How much is the increase in the total assets of the business?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 2E: Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in...

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Question

Please answer the question correctly. Thank you.

The owner of FDN Trading received the amount loaned personally from a bank
amounting to P1,600,000 and invested P900,000 of it into the business. How much
is the increase in the total assets of the business?

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