Rica Company was establish on January 1, 2019, with P5,000,000 from the owner and borrowed funds of P750,000. During the first year of operations, net income was P1,000,000. On December 15, Rica withdraw P200,000. No additional activities affected owners' equity in 2019. At December 31, 2019, Rica's liabilities had increased to P900,000. In Rica's December 31, 2010 bolon nest total chould be
Rica Company was establish on January 1, 2019, with P5,000,000 from the owner and borrowed funds of P750,000. During the first year of operations, net income was P1,000,000. On December 15, Rica withdraw P200,000. No additional activities affected owners' equity in 2019. At December 31, 2019, Rica's liabilities had increased to P900,000. In Rica's December 31, 2010 bolon nest total chould be
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter12: Corporations: Organization, Capital Structure, And Operating Rules
Section: Chapter Questions
Problem 34P
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![Rica Company was establish on January 1, 2019, with P5,000,000 from the owner and borrowed funds of P750,000. During
the first year of operations, net income was P1,000,000. On December 15, Rica withdraw P200,000. No additional activities
affected owners' equity in 2019. At December 31, 2019, Rica's liabilities had increased to P900,000. In Rica's December 31,
2019 balance sheet, total assets should be reported at](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdd92c914-b25e-4c07-b371-1e034df1b7f8%2F927cfa9a-3e18-49f9-9877-1b4df4654df6%2Frm3n97_processed.png&w=3840&q=75)
Transcribed Image Text:Rica Company was establish on January 1, 2019, with P5,000,000 from the owner and borrowed funds of P750,000. During
the first year of operations, net income was P1,000,000. On December 15, Rica withdraw P200,000. No additional activities
affected owners' equity in 2019. At December 31, 2019, Rica's liabilities had increased to P900,000. In Rica's December 31,
2019 balance sheet, total assets should be reported at
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