Carmelita dresser started operation on july 1 ,2014 with php 200,000.00 from personal savings and Php 30,000.00 from a bank loan. During the first year of operation net income was Php 60,000.00. on december 15,2014, carmelita withdrew Php 8,000.00 each. No additional activities affected owners equity in 2014. By december 31,2018, carmelita's liabilities had increased to Php 57,600.00. in carmelitas december 31,2017, financial statements, how much total asset should be reported?

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To determine the total assets to be reported in Carmelitas December 31 2017 financial statements ... View the full answer