on january 1 2020, a company reported assets of 1,000,000 and liabilities of 600,000. During 2020...
Homework Answers
As we know Assets = Liabilities + Equity Therefore
Liabilities as on December 31, 2020 = Assets - Equity
Liabilities as on December 31, 2020 = $900,000 - $200,000
Liabilities as on December 31, 2020 = $700,000
So additionally we can also say that during 2020 there is increase in liabilities by $100,000 ($700,000 - $600,000).
I hope this clear your doubt.
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january 1 2020, a company reported assets of 1,000,000 and
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