Ramos Inc. has total assets of $1,100 and total liabilities of $800 on December 31, 20Y6. Assume that assets increased by $200 and liabilities decreased by $100 during 20Y7. What would owner's equity be as of December 31, 20Y7? O a.
Ramos Inc. has total assets of $1,100 and total liabilities of $800 on December 31, 20Y6. Assume that assets increased by $200 and liabilities decreased by $100 during 20Y7. What would owner's equity be as of December 31, 20Y7? O a.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 1E
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Ramos Inc. has total assets of $1,100 and total liabilities of $800 on December 31, 20Y6. Assume that assets increased by $200 and liabilities decreased by $100 during
20Y7. What would owner's equity be as of December 31, 20Y7?
O a. $1,600
O b. $600
O c. $400
O d. $300
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