LPR is a company that commenced business on 1 January 2016.Below are the balances in the 30 June 2016 financial statements.
- What is the balance of liabilities?
A) $18 000
B) $30 000
C) $20 000
D) $21 000

Name: LPR is a company that commenced business on 1 January 2016.Below are the balances in the 30 June 2016 financial statements. - What is the balance of liabilities? A) $18 000 B) $30 000 C) $20 000 D) $21 000
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Question

LPR is a company that commenced business on 1 January 2016.Below are the balances in the 30 June 2016 financial statements. 
- What is the balance of liabilities?
A) $18 000 
B) $30 000 
C) $20 000 
D) $21 000

Quizplus · Accepted Answer

Liabilities = Accounts payable + Notes payable = $12,000 + $6,000 = $18,000

LPR Is a Company That Commenced Business on 1 January