At the end of the year, total assets and total liabilities were P 40,000 and P 10,000, respectively. If during the year, total equity increased by 20%, how much was the beginning total liabilities if beginning total assets was P 52,000?
At the end of the year, total assets and total liabilities were P 40,000 and P 10,000, respectively. If during the year, total equity increased by 20%, how much was the beginning total liabilities if beginning total assets was P 52,000?
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter1: The Role Of Accounting In Business
Section: Chapter Questions
Problem 4SEQ: If total assets are $20,000 and total liabilities are $12,000, the amount of stockholders’ equity...
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At the end of the year, total assets and total liabilities were P 40,000 and P 10,000, respectively. If during the year, total equity increased by 20%, how much was the beginning total liabilities if beginning total assets was P 52,000?
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