SKIP IF YOU ALREADY DID THIS OTHERWISE DOWNVOTE. ANSWER COMPLETELY. THANK YOU I WILL UPVOTE 3. At the end of the first month of operations for Glenniel'sDelivery Service, the business had the ff. accounts;Accounts Receivable, Php1,200; Prepaid Insurance, Php500; Equipment Php 36,200 and Cash 40,650. On the samedate, Glenniel owed the ff. creditors: Kien's Supply,Php12,000 (due in 6 months); Kian's Equipment, Php 9,500(dueafter 2 years. Current liabilities are4. If during the year total assets increase by Php75,000and total liabilities decrease by Php 16,000 by how muchdid owner's equity increase/decrease?ANSWERONLY 4

Owner’s Equity :— It is the remaining value of total assets after paying all liabilities. It is the…

Answered: • 4. If during the year total assets…

• 4. If during the year total assets increase by Php75,000 and total liabilities decrease by Php 16,000 by how much did owner's equity increase/decrease?

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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Question

SKIP IF YOU ALREADY DID THIS OTHERWISE DOWNVOTE. ANSWER COMPLETELY. THANK YOU I WILL UPVOTE

3. At the end of the first month of operations for Glenniel's
Delivery Service, the business had the ff. accounts;
Accounts Receivable, Php1,200; Prepaid Insurance, Php
500; Equipment Php 36,200 and Cash 40,650. On the same
date, Glenniel owed the ff. creditors: Kien's Supply,Php
12,000 (due in 6 months); Kian's Equipment, Php 9,500(due
after 2 years. Current liabilities are
4. If during the year total assets increase by Php75,000
and total liabilities decrease by Php 16,000 by how much
did owner's equity increase/decrease?
ANSWER
ONLY 4

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