1. Beginning assets were P 57,000 and liabilities were twice the amount of equity. If total liabilities increased by 25% of the beginning assets and total assets increased to P 85,250, how much is total income if expenses are 30% of it? Assume that there were no investments and withdrawal.
1. Beginning assets were P 57,000 and liabilities were twice the amount of equity. If total liabilities increased by 25% of the beginning assets and total assets increased to P 85,250, how much is total income if expenses are 30% of it? Assume that there were no investments and
withdrawal.
2. At the end of the year, total assets and total liabilities were P 65,000 and P 40,000, respectively. If during the year, total equity increased by 25%, how much was the beginning total liabilities if beginning total assets decreased by half of the beginning equity?
3. At the beginning of the year, assets were P 25,000. During the year, assets and liabilities increased by 10%. If you were the accountant and you were asked what is the percentage increase in equity, what would be your response?
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