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2nd question

CFAS Company had total assets of P4,000,000 and shareholders' equity of P1,500,000 on January 1. During the year, assets increased by P900,000 and liabilities decreased to P800,000. CFAS Company should report what amount of shareholders' equity on December 31? Ourses/6358/quizzes/48074/take/questions/1361647 The trial balance of CFAS Company shown below does not balance. Your review of the ledger reveals the following: (a) Each account had a normal balance. (b) The debit footings in Supplies, Accounts Payable, and Property Tax Expense were each understated by P100. (c) a footing error on Cash account overstated it by P200. (d) A transposition error was made in Accounts Receivable; the correct balances for Accounts Receivable and Service Revenue are P2,750 and P6,690, respectively. (e) A debit posting to Advertising Expense of P300 was omitted. (f) A P1,500 cash drawing by the owner was debited to CFAS Capital, and credited to Cash. CFAS Company Trial Balance December 31 Debit Credit Cash P 4.800 Accounts Receivable 2,570 Supplies 700 Equipment P 8,000 Accounts Payable 4,500 Property Tax Payable 360 CFAS Capital 11.200 Service Revenue 6.960 Salaries Expense 4,200 December 31 Debit Credit Cash P 4,800 Accounts Receivable 2,570 Supplies 700 Equipment P 8,000 Accounts Payable 4,500 Property Tax Payable 360 CFAS. Capital 11,200 Service Revenue 6,960 Salaries Expense 4.200 Advertising Expense 1,100 Property Tax Expense 800 P20.690 P24.500 The corrected trial balance of the company should show total debits of