As of year-end, Moe’s Kitchen Cleaning Service reported total liabilities amounting to ₱660,000 and capital balance amounting to ₱500,000. Throughout the year, total assets were claimed to have increased by ₱125,000 and total liabilities by ₱190,000. Moe also made withdrawals for personal use amounting to ₱60,000.

Compute:

1. 1.total assets at the beginning of the year
2. 2.total liabilities at the beginning of the year
3. 3.capital balance at the beginning of the year
4. 4.net income during the year

Answer rating: 100% (QA)

To compute the requested values we can use the following formulas based on the information provided ... View the full answer