Answered: If owner's equity is ₱250,000 which is…

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If owner's equity is ₱250,000 which is 40% of the total assets, how much is the total liabilities of the business?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. If owner's equity is ₱250,000 which is 40% of the total assets, how much is the total liabilities of the business?

2. If owner's equity is twice the total liabilities which is 1/3 of total assets, what would be the owner's equity of the business? the amount of total assets is ₱600,000.

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