On January 2, 2020, Cobra Kai sets up a firm and brings in office equipment of P50,000 and merchandise inventory of P30,000 to the business. The owner puts P80,000 into the firm's cash box and P100,000 into the firm's bank account. Meanwhile the firm lends P50,000 cash to Eagle Fang and borrows P200,000 from the bank to acquire a piece of premises. What is the amount of the firm's capital on January 31, 2020? O P510,000 O P210,000 O P260.000 O P460,000

On January 2, 2020, Cobra Kai sets up a firm and brings in office equipment of P50,000 and merchandise inventory of P30,000 to the business. The owner puts P80,000 into the firm's cash box and P100,000 into the firm's bank account. Meanwhile the firm lends P50,000 cash to Eagle Fang and borrows P200,000 from the bank to acquire a piece of premises. What is the amount of the firm's capital on January 31, 2020? O P510,000 O P210,000 O P260.000 O P460,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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