The initial investment of the owner in his business is ₱75,000. At the end of each year, the total assets of the business amounted to ₱100,000, which consists of ₱50,000 cash and ₱50,000 equipment. The equipment has an unpaid balance of ₱20,000, the only liability of the business. How much is the owner’s equity at the end of the year?

The initial investment of the owner in his business is ₱75,000. At the end of each year, the total assets of the business amounted to ₱100,000, which consists of ₱50,000 cash and ₱50,000 equipment. The equipment has an unpaid balance of ₱20,000, the only liability of the business. How much is the owner’s equity at the end of the year?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 2EA: Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...

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