solve this using accounting equation The business was put up from a cash of P200,000, the initial capital of the owner. Then P40,000 of the cash was used to purchase an equipment to be used in the business. The purchase of equipment resulted in a liability of P20, 000. How much are the total assets of the business?

Name: solve this using accounting equation The business was put up from a ca
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Description: solve this using accounting equation The business was put up from a cash of P200,000, the initial capital of the owner. Then P40,000 of the cash was used to purchase an equipment to be used in the business. The purchase of equipment resulted in a lia

According to the accounting equation: Total assets = Total liabilities + capital

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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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solve this using accounting equation

The business was put up from a cash of P200,000, the initial capital of the owner. Then P40,000 of the cash was used to purchase an equipment to be used in the business. The purchase of equipment resulted in a liability of P20, 000. How much are the total assets of the business?

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