II. Collaboration and Communications: 1. Determination of Assets, Liabilities and Equity. (5 points each) 1. The assets of the business comprise of P100,000 cash and P900,000 land and building. The land and building have unpaid mortgage, the only liability of the business. The owner"s equity is P650,000. How much is business liability?
II. Collaboration and Communications: 1. Determination of Assets, Liabilities and Equity. (5 points each) 1. The assets of the business comprise of P100,000 cash and P900,000 land and building. The land and building have unpaid mortgage, the only liability of the business. The owner"s equity is P650,000. How much is business liability?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:II. Collaboration and Communications:
1. Determination of Assets, Liabilities and Equity. (5 points each)
1. The assets of the business comprise of P100,000 cash and P900,000 land and
building. The land and building have unpaid mortgage, the only liability of the
business. The owner"s equity is P650,000. How much is business liability?
Transcribed Image Text:8) In an expanded accounting equation, all the financial
statement elements are shown in one equation.
9) In accounting, the squeeze means to come up with an
unknown amount in each formula by performing basic arithmetic functions.
10) Income increases equity.
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