STRAIGHT PROBLEMS The Accounting Equation 65 Problem 1: Answer the questions. Provide the correct answer on the blank before each number. At the beginning of the year, the company had total assets of P260,000 and total liabilities of P125,000. 1. If during the year, total liabilities decreased by P37,500 and equity increased by P25,000, how much is the total assets at the end of the year? 2. If during the year, equity decreased by P45,000 and assets increased how much did the total liability increase/decrease by P30,000, for the year? 3. If during the year, total liabilities increased by P27,500 and assets decreased by P100,000, how much did equity increase/decrease to at the end of the year?
STRAIGHT PROBLEMS The Accounting Equation 65 Problem 1: Answer the questions. Provide the correct answer on the blank before each number. At the beginning of the year, the company had total assets of P260,000 and total liabilities of P125,000. 1. If during the year, total liabilities decreased by P37,500 and equity increased by P25,000, how much is the total assets at the end of the year? 2. If during the year, equity decreased by P45,000 and assets increased how much did the total liability increase/decrease by P30,000, for the year? 3. If during the year, total liabilities increased by P27,500 and assets decreased by P100,000, how much did equity increase/decrease to at the end of the year?
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.10E: Net Income (or Loss) and Retained Earnings The following information is available from the records...
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