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of the calendar year, what amount would her assets be sitting at?   a.R690 000 b.R710 000 c.R700 000 d.R760 000 e.R800 000

of the calendar year, what amount would her assets be sitting at?   a.R690 000 b.R710 000 c.R700 000 d.R760 000 e.R800 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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Mrs X runs a small business. At the beginning of the calendar year, her owner’s equity consisted solely of a capital contribution of R280 000; her liabilities stood at R410 000; and she had R690,000 worth of assets. During the calendar year, she made a profit of R60 000. She also increased her capital contribution to R330 000, and paid down her debts by R40,000. At the end of the calendar year, what amount would her assets be sitting at?

 

a.R690 000

b.R710 000

c.R700 000

d.R760 000

e.R800 000

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