Answered: A business has total assets of P…

A business has total assets of P 381,000 and owner’s equity of P 264,000. How much were the liabilities? Group of answer choices P117,000 P264,000 P381,000 Cannot be dete

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 1E

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Question

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A business has total assets of P 381,000 and owner’s equity of P 264,000. How much were the liabilities?

Group of answer choices

P117,000

P264,000

P381,000

Cannot be determined

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