What the liabilities of smiley company at the end of year

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Smiley Company was incorporated on June 1, issuing 50,000, P5 ordinary shares for a total consideration of P280,000 and borrowed funds totaling P120,000. Operations for the year resulted in an excess of income over expenses of P150,000. Additional 10,000 ordinary shares were issued for a total cash consideration of P55,000. On December 1, Smiley Company declared cash dividends ofP30,000 for holders on record as of December 31, to be distributed in January of the subsequent year. At December 31, 2018, total assets increased to P675,000.

Problem 1: The liabilities of Smiley Company at the end of the year is

Reference no: EM132727181

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