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"Assume a company's November 1, 2020, financial position was: Assets: P400,000 and Liabilities P150,000. During November, the company completed the following transactions: (a) paid on a note payable P40,000 (no interest); (b) collected trade receivables amounting to P40,000; (c) paid trade payables P20,000; and (d) purchased a truck P10,000 cash and P80,000 notes payable. How much did company report as owner's equity on November 30, 2020? [DO NOT PUT PEŚO SIGN, CÓMMA, SPACĖJ"

"Assume a company's November 1, 2020, financial position was: Assets: P400,000 and Liabilities P150,000. During November, the company completed the following transactions: (a) paid on a note payable P40,000 (no interest); (b) collected trade receivables amounting to P40,000; (c) paid trade payables P20,000; and (d) purchased a truck P10,000 cash and P80,000 notes payable. How much did company report as owner's equity on November 30, 2020? [DO NOT PUT PEŚO SIGN, CÓMMA, SPACĖJ"

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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"Assume a company's November 1, 2020, financial position was: Assets: P400,000 and Liabilities P150,000. During November, the company completed the following transactions: (a) paid on a note payable P40,000 (no interest); (b) collected trade receivables amounting to P40,000; (c) paid trade payables P20,000; and (d) purchased a truck P10,000 cash and P80,000 notes payable. How much did company report as owner's equity on November 30, 2020? [DO NOT PUT PESO SIGN, COMMA, SPACĖJ"
Transcribed Image Text:"Assume a company's November 1, 2020, financial position was: Assets: P400,000 and Liabilities P150,000. During November, the company completed the following transactions: (a) paid on a note payable P40,000 (no interest); (b) collected trade receivables amounting to P40,000; (c) paid trade payables P20,000; and (d) purchased a truck P10,000 cash and P80,000 notes payable. How much did company report as owner's equity on November 30, 2020? [DO NOT PUT PESO SIGN, COMMA, SPACĖJ"
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