Question
At the beginning of the period, assets were R490,000 and shareholders equity was R240,000. During the year, assets increased by R60,000, liabilities increased by R40,000,
At the beginning of the period, assets were R490,000 and shareholders equity was R240,000. During the year, assets increased by R60,000, liabilities increased by R40,000, and shareholders equity increased by R20,000. Beginning liabilities must have been:
a.
R280 000
b.
R250 000
c.
R300 000
d.
R230 000
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Contemporary Auditing
Authors: Michael C. Knapp
10th edition
978-1285066608, 128506660X, 978-1305445161, 1305445163, 978-1305970816
