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

Assignment Help Accounting Basics

Reference no: EM132727179

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: EM132727179

Questions Cloud

Network requirement analysis and plan : Network requirement analysis and plan - Investigate suitable network designs to match requirements and Create appropriate frameworks and standards for network

What cheers company equity at december is : What Cheers Company's equity at December 31, 2018 is? Cheers Company's total assets on December 31, 2018 were 25% lower than the total assets on January 1, 2018

What the liabilities of smiley company at the end of year : What the liabilities of Smiley Company at the end of the year is? Smiley Company was incorporated on June 1, issuing 50,000, P5 ordinary shares

Why the proposal you have created is appropriate for market : Design a proposal for a competitive compensation package for the position, including the following elements: Method of Job evaluation.

What the assets of happy company at the end of the year is : What the assets of Happy Company at the end of the year is? On July 1, Brave opened Happy Company, a perfume shop with an initial investment of P750, 000.

Determine the depreciation for the first year : Assuming that it will have a residual value of $75, determine the depreciation for the first year by the three methods - Straight-line method

What is the entry of cebu lechon on january : Jenny is not reasonable assured. What is the entry of Cebu Lechon on January 2, 2013 to record the receipt of the initial franchise fee from Ms. Jenny?

Prepare an outline and an annotated bibliography : Develop a thesis and detailed outline for your final paper topic. The purpose of this assignment is to help you prepare for the research proposal due in Unit.

What lessons learn from the tale : What Lessons you learn from this Tale? Lami Cosmetics, a small manufacturer of boutique soaps, was excited for the opportunity to attract

User Account

All Pages