Mirr, Inc. was incorporated on January 1, 2017, with proceeds from the issuance of P750, 000 in stock and borrowed funds of P 110, 000. During the first year of operations, revenues from sales and consulting amounted to P82, 000, and operating costs and expenses totaled P64, 000. On December 15, Mirr declared a P3, 000 cash dividend, payable to stockholders on January 15, 2018. No additional activities affected owners equity in 2017. Mirrs liabilities increased to P120, 000 by December 31, 2017. On Mirrs December 31, 2017 balance sheet, total assets should be reported at:

FINANCIAL ACCOUNTING

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Mirr, Inc. was incorporated on January 1, 2017, with proceeds from the issuance of P750, 000 in stock and borrowed funds of P 110, 000. During the first year of operations, revenues from sales and consulting amounted to P82, 000, and operating costs and expenses totaled P64, 000. On December 15, Mirr declared a P3, 000 cash dividend, payable to stockholders on January 15, 2018. No additional activities affected owners’ equity in 2017. Mirr’s liabilities increased to P120, 000 by December 31, 2017. On Mirr’s December 31, 2017 balance sheet, total assets should be reported at:

A	P885, 000
B	P882, 000
C	P878, 000
D	P875, 000

Explanation:

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BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

FINANCIAL ACCOUNTING