during the year, total liabilities increase by 100,000 and owners equity decreased by P70,000, what is the amount of total assets at the end of the year
It is important for you to internalize this fundamental equation. Everything in accounting is based on this concept - that the Assets a firm owns/controls are equal to the claims on those assets either by creditors or equity owners.
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Answer:
It is important for you to internalize this fundamental equation. Everything in accounting is based on this concept - that the Assets a firm owns/controls are equal to the claims on those assets either by creditors or equity owners.