The beginning balances of a sole proprietorship amounted to P3,000,000 and P1,200,000 for total assets and total liabilities, respectively. The assets increased by 80% while the liabilities increased to 150% of its beginning balance. Determine the ending balance of equity.
The beginning balances of a sole proprietorship amounted to P3,000,000 and P1,200,000 for total assets and total liabilities, respectively. The assets increased by 80% while the liabilities increased to 150% of its beginning balance. Determine the ending balance of equity.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The beginning balances of a sole proprietorship amounted to P3,000,000 and P1,200,000 for total assets and total liabilities, respectively. The assets increased by 80% while the liabilities increased to 150% of its beginning balance. Determine the ending balance of equity.
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