Answered: The balance sheet of Hamon Company…

The balance sheet of Hamon Company shows owner’s equity of P680,000, which is equal to 2/3 of the amount of total assets. What is the amount of total liabilities?

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 1E

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The balance sheet of Hamon Company shows owner’s equity of P680,000, which is equal to 2/3 of the amount of total assets. What is the amount of total liabilities?

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