Assuming that a business has a total equity balance of ¾ of the total liabilities, and based on the records the total equity balance is 270,000, net of withdrawal amounting to 20,000. What is the total assets of the business?
Assuming that a business has a total equity balance of ¾ of the total liabilities, and based on the records the total equity balance is 270,000, net of withdrawal amounting to 20,000. What is the total assets of the business?
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 2E: Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in...
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- Assuming that a business has a total equity balance of ¾ of the total liabilities, and based on the records the total equity balance is 270,000, net of withdrawal amounting to 20,000. What is the total assets of the business?
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