White Cleaning Services was established by Mr. Mansoor early in 2021. On 1/1/2022, business hactotal assets of $ 85,000, and total liabilities of $ 13,000. During the year 2022, total revenue was $62,000, while total expenses amounted to $ 35,000. Also, during the year, Mr. Mansoor withdrew12,000 from the business for personal use. On 31/12/2022, total business assets amounted to $136,000. Calculate the total liabilities on 31/12/2022.Please note to insert only a number. NO signs or commas are to be used.الرجاء كتابة الرقم فقط، بدون فواصل او اشارة دولار أو غيرهاAnswer:

Name: White Cleaning Services was established by Mr. Mansoor early in 2021.
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Description: White Cleaning Services was established by Mr. Mansoor early in 2021. On 1/1/2022, business hactotal assets of $ 85,000, and total liabilities of $ 13,000. During the year 2022, total revenue was $62,000, while total expenses amounted to $ 35,000. A

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White Cleaning Services was established by Mr. Mansoor early in 2021. total assets of $ 85,000, and total liabilities of $13,000. During the year 2022, total revenue was 62,000, while total expenses amounted to $ 35,000. Also, during the year, Mr. Mansoor withdre 12,000 from the business for personal use. On 31/12/2022, total business assets amounted to $ 136,000. Calculate the total liabilities on 31/12/2022. Please note to insert only a number. NO signs or commas are to be used. الرجاء كتابة الرقم فقط، بدون فواصل او اشارة دولار أو غيرها Answer:

White Cleaning Services was established by Mr. Mansoor early in 2021. total assets of $ 85,000, and total liabilities of $13,000. During the year 2022, total revenue was 62,000, while total expenses amounted to $ 35,000. Also, during the year, Mr. Mansoor withdre 12,000 from the business for personal use. On 31/12/2022, total business assets amounted to $ 136,000. Calculate the total liabilities on 31/12/2022. Please note to insert only a number. NO signs or commas are to be used. الرجاء كتابة الرقم فقط، بدون فواصل او اشارة دولار أو غيرها Answer:

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

White Cleaning Services was established by Mr. Mansoor early in 2021. On 1/1/2022, business hac
total assets of $ 85,000, and total liabilities of $ 13,000. During the year 2022, total revenue was $
62,000, while total expenses amounted to $ 35,000. Also, during the year, Mr. Mansoor withdrew
12,000 from the business for personal use. On 31/12/2022, total business assets amounted to $
136,000. Calculate the total liabilities on 31/12/2022.
Please note to insert only a number. NO signs or commas are to be used.
الرجاء كتابة الرقم فقط، بدون فواصل او اشارة دولار أو غيرها
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Step 1: Define Total Assets and Total Liabilities

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Step 2: Calculate Capital on 01/01/2022

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Step 3: Calculate Profit during the year 2022

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Step 4: Calculate Capital on 31/12/2022

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Step 5: Calculate Total Liabilities on 31/12/2022

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