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What the assets of happy company at the end of the year is

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On July 1, Brave opened Happy Company, a perfume shop with an initial investment of P750, 000. Happy borrowed a total of P300,000 to finance its initial operation. In early September, Brave issued a personal check for 100,000 in payment for one of Happy Company's loan. In December, Brave took merchandise costing P40,000 which were marked to sell for P75,000 for personal use. Sales and other income for the year amounted to P400,000 while total expenses totaled P160,000. Happy Company's liabilities decreased by P95,000.

Problem 1: The assets of Happy Company at the end of the year is.

Reference no: EM132694598

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