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At the beginning of the year, the company had liabilities of P123,641.00 and owner's equity of P88,000.00. If assets increased by P61,000 and liability decreased by P11,023, what was the owner's equity at the end of the year?​

Sagot :

Answer:

P160,023

Step-by-step explanation:

Following this Accounting Equation
Assets = Liabilities + Equity

Any increase in the asset will result in to increase in equity while the decrease in liabilities results in to increase in equity.

P88,000 + P61,000 + P11,023 = P 160,023