White Cleaning Services was established by Mr. Mansoor early in 2021. On 1/1/2022, business had total...

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White Cleaning Services was established by Mr. Mansoor early in 2021. On 1/1/2022, business had total assets of $ 85,000, and total liabilities of $ 17,000. During the year 2022, total revenue was $ 61,000, while total expenses amounted to $ 35,000. Also, during the year, Mr. Mansoor made an additional Investment of $ 12,000 to his business. On 31/12/2022, total business assets amounted to $ 126,000. Calculate the total liabilities on 31/12/2022. Please note to insert only a number. NO signs or commas are to be used. Answer White Cleaning Services was established by Mr. Mansoor early in 2021. On 1/1/2022, business had total assets of $ 85,000, and total liabilities of $ 17,000. During the year 2022, total revenue was $ 61,000, while total expenses amounted to $ 35,000. Also, during the year, Mr. Mansoor made an additional Investment of $ 12,000 to his business. On 31/12/2022, total business assets amounted to $ 126,000. Calculate the total liabilities on 31/12/2022. Please note to insert only a number. NO signs or commas are to be used. Answer

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To calculate the total liabilities on December 31 2022 we need to consider the changes in assets and ... View the full answer