The ending equity is ₱9,000. If total income for the period is ₱5,000 while total expenses are ₱8,000, how much is the beginning balance of equity? A. 12,000 B. 9,000 C. 6,000 D. 0 2. If the ending balance of accounts receivable is ₱100,000 and the total debits and credits to that account during the period were ₱60,000 and ₱40,000, respectively, the beginning balance must be A. 0 B. 20,000 C. 80,000 D. 120,000 3. A business has total assets, liabilities, and equity of ₱10,000, ₱7,000 and ₱3,000, respectively, at the beginning of the period. During the period, total liabilities decreased to ₱4,000 while profit was ₱5,000. How much is the ending total assets? A. 12,000 B. 11,000 C. 9,000 D. 7,000
The ending equity is ₱9,000. If total income for the period is ₱5,000 while total expenses are ₱8,000, how much is the beginning balance of equity? A. 12,000 B. 9,000 C. 6,000 D. 0 2. If the ending balance of accounts receivable is ₱100,000 and the total debits and credits to that account during the period were ₱60,000 and ₱40,000, respectively, the beginning balance must be A. 0 B. 20,000 C. 80,000 D. 120,000 3. A business has total assets, liabilities, and equity of ₱10,000, ₱7,000 and ₱3,000, respectively, at the beginning of the period. During the period, total liabilities decreased to ₱4,000 while profit was ₱5,000. How much is the ending total assets? A. 12,000 B. 11,000 C. 9,000 D. 7,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Choose the correct letter of the answer for each question.
1. The ending equity is ₱9,000. If total income for the period is ₱5,000 while total expenses are ₱8,000, how much is the beginning balance of equity?
A. 12,000
B. 9,000
C. 6,000
D. 0
2. If the ending balance of accounts receivable is ₱100,000 and the total debits and credits to that account during the period were ₱60,000 and ₱40,000, respectively, the beginning balance must be
A. 0
B. 20,000
C. 80,000
D. 120,000
3. A business has total assets, liabilities, and equity of ₱10,000, ₱7,000 and ₱3,000, respectively, at the beginning of the period. During the period, total liabilities decreased to ₱4,000 while profit was ₱5,000. How much is the ending total assets?
A. 12,000
B. 11,000
C. 9,000
D. 7,000
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