At the beginning of the year, the Owner's capital of Salunga Company is P300,000 while its...

  

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At the beginning of the year, the Owner's capital of Salunga Company is P300,000 while its liabilities at the end of the year are P180,000. During the year, the owner withdrew cash for his personal use amounting to P80.000 and the results of operations showed revenues of P900,000 and expenses amounted to P320.000. What is the amount of Salunga Company's total assets at the end of the year? On October 1 of the current year, the assets and liabilities of J. Hipolito, M.D. are as follows Cash P10,000: Accounts Receivable, P8.200; Supplies, P1,050 Land P25,000; Notes Payable, P6,530. What is the amount of Equity as of October 1 of the current year? At the beginning of the year, the Owner's capital of Salunga Company is P300,000 while its liabilities at the end of the year are P180,000. During the year, the owner withdrew cash for his personal use amounting to P80.000 and the results of operations showed revenues of P900,000 and expenses amounted to P320.000. What is the amount of Salunga Company's total assets at the end of the year? On October 1 of the current year, the assets and liabilities of J. Hipolito, M.D. are as follows Cash P10,000: Accounts Receivable, P8.200; Supplies, P1,050 Land P25,000; Notes Payable, P6,530. What is the amount of Equity as of October 1 of the current year?

Answer rating: 100% (QA)

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