Question
On August 1, 2021, Masterpiece Caf had total assets amounting to 175,000 and total liabilities amounting to 47,000. The Caf earned P47,000 as net income
On August 1, 2021, Masterpiece Caf had total assets amounting to 175,000 and total liabilities amounting to 47,000. The Caf earned P47,000 as net income for the month. However, the owner, Louis Hugo, withdrew 8,000. As of August 31, 2021, the owner determined that total liabilities decreased by 14,000. Determine the change in total assets for the month of August.
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Modern Internal Auditing An Operational Approach
Authors: Victor Zinn Brink
3rd Edition
0471065242, 978-0471065241
