DESCRIPTION: Bookkeeping and Accounting for Non-Accountant 1,000,000 + (-300,000) = 700,000. Now you can use the basic accounting equation to calculate total liabilities at the end of the year: ACTIVITY: 850,000 liabilities + 700,000 850,000-700,000 = 150,000 liabilities = 150,000 1. A sole proprietorship business owes Php 12,000 and you, the owner personally invested Php 100,000 of your own cash into the business. The assets owned by the business will then be calculated as: 2. A business owes Php 35,000 and stockholders (investors) have invested Php 115,000 by buying stock in the company. The assets owned by the business will then be calculated as: 3. Assets = Php 50,000, Liabilities = Php 20,000, Owner's equity = ?
DESCRIPTION: Bookkeeping and Accounting for Non-Accountant 1,000,000 + (-300,000) = 700,000. Now you can use the basic accounting equation to calculate total liabilities at the end of the year: ACTIVITY: 850,000 liabilities + 700,000 850,000-700,000 = 150,000 liabilities = 150,000 1. A sole proprietorship business owes Php 12,000 and you, the owner personally invested Php 100,000 of your own cash into the business. The assets owned by the business will then be calculated as: 2. A business owes Php 35,000 and stockholders (investors) have invested Php 115,000 by buying stock in the company. The assets owned by the business will then be calculated as: 3. Assets = Php 50,000, Liabilities = Php 20,000, Owner's equity = ?
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.5E: The Accounting Equation Using the accounting equation, answer each of the following independent...
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