Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash, P 3,000,000, Office Supplies, P 275,000, Office Equipment, P 700,000, Furniture and Fixtures, P 2,100,000. A. What is the total value of the assets that Ms. QWE contributed to the business? B. Determine the value of Ms. QWE's ownership in the business.

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter3: Business Income And Expenses
Section: Chapter Questions
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Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash, P 3,000,000, Office Supplies, P 275,000, Office Equipment, P 700,000, Furniture and Fixtures, P 2,100,000. A. What is the total value of the assets that Ms. QWE contributed to the business? B. Determine the value of Ms. QWE's ownership in the business.
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