• 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?
• 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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F58a53162-b1cb-487d-a869-0ab2c8eadd5e%2Fa327c383-e55b-496a-a45f-7e9126f1556c%2Fxj7uzq9_processed.png&w=3840&q=75)
Transcribed Image Text: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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