What is total assets at the end of the current year

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Problem

On January 1 of the current year a group of stockholders set up AB Corporation. They contributed cash of P4,250,000 and borrowed P950,000. During the year, revenues from sales totaled P1,400,000, while total costs and expenses were P750,000. AB Corporation declared a cash dividend of P300,000 on December 20, payable to the stockholders on January 30 of the following year. There were no additional activities affecting stockholders' equity. By December 31 of current year, liabilities decreased to P880,000. Get the instant assignment help. What is total assets at the end of the current year?

Reference no: EM134007233

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