solve this using accounting equation The business was put up from a cash of P200,000, the initial capital of the owner. Then P40,000 of the cash was used to purchase an equipment to be used in the business. The purchase of equipment resulted in a liability of P20, 000. How much are the total assets of the business?

Name: solve this using accounting equation The business was put up from a ca
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Description: solve this using accounting equation The business was put up from a cash of P200,000, the initial capital of the owner. Then P40,000 of the cash was used to purchase an equipment to be used in the business. The purchase of equipment resulted in a lia

According to the accounting equation: Total assets = Total liabilities + capital

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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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solve this using accounting equation

The business was put up from a cash of P200,000, the initial capital of the owner. Then P40,000 of the cash was used to purchase an equipment to be used in the business. The purchase of equipment resulted in a liability of P20, 000. How much are the total assets of the business?

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