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11. At the beginning of the year, an Entity had total assets of P700,000 and total liabilities of P500,00O. If the total assets increased by 30% and owner's equity increased by the same percent, what is the amount of total liabilities at the end of the year? O A. P650,000 O B. P560,000 O C. P410,000 O D. P260,000

11. At the beginning of the year, an Entity had total assets of P700,000 and total liabilities of P500,00O. If the total assets increased by 30% and owner's equity increased by the same percent, what is the amount of total liabilities at the end of the year? O A. P650,000 O B. P560,000 O C. P410,000 O D. P260,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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11. At the beginning of the year, an Entity had total assets of P700,000 and total liabilities of P500,000. If the total assets increased by 30% and owner's equity increased by the same percent, what is the amount of total liabilities at the end of the year? O A. P650,000 O B. P560,000 O C. P410,000 OD. P260,000
Transcribed Image Text:11. At the beginning of the year, an Entity had total assets of P700,000 and total liabilities of P500,000. If the total assets increased by 30% and owner's equity increased by the same percent, what is the amount of total liabilities at the end of the year? O A. P650,000 O B. P560,000 O C. P410,000 OD. P260,000
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