WRITTEN TASK 6. Critical Thinking Directions: Read carefully the following situation and determine the Assets, Liabilities, and Equality of this situation: 1. The business was put up from a cash of ₱200,000, the initial capital of the owner. Then, ₱40,000 of the cash was used to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of ₱20,000. How much are the total assets of the business? (10 points) Solution: 2. The business is a trading business. For the period, it purchased goods for sale valued at ₱100,000. The goods were all sold for a total price of ₱120,000. For the sale only 10% was received as down payment, 60% were later collected, and at the end of the year 30% are still for collection. How much is the business income? (10 points) Solution
WRITTEN TASK 6. Critical Thinking
Directions: Read carefully the following situation and determine the Assets, Liabilities, and Equality of this situation:
1. The business was put up from a cash of ₱200,000, the initial capital of the owner. Then, ₱40,000 of the cash was
used to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of
₱20,000. How much are the total assets of the business? (10 points)
Solution:
2. The business is a trading business. For the period, it purchased goods for sale valued at ₱100,000. The goods
were all sold for a total price of ₱120,000. For the sale only 10% was received as down payment, 60% were
later collected, and at the end of the year 30% are still for collection. How much is the business income? (10
points)
Solution:
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