How much is total liabilities

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Reference no: EM133209444

On January 1, 2021, Faith D. Nakpil established FDNACCT Company, a laundry business. Faith used her savings amounting to P1,000,000 as her initial investment. Washing machines amounting to P750,000 were purchased for cash during the month. Rent, as well as taxes and licenses paid for the month amounted to P50,000 and P12,500 respectively. Services rendered to customers during the month totaled P181,000, of which 50% was for cash while the remaining balance was on account. On January 25, salaries of the laundry helpers amounting to P48,000 were paid. Before the end of the month, due to increasing number of customers, additional units of washing machines were acquired on account for P110,000.]

The business set up the following accounts: Cash; Laundry Equipment; Accounts Payable; FDN, Capital; Service Revenue; Rent Expense; Taxes and Licenses Expense; Salaries Expense.

Ignore accounts that may require adjustment.

How much is the total liabilities at January 31?

Reference no: EM133209444

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