The liabilities of New Company equal one-third of the total assets, and owner's equity is P 120,000.00. What is the amount of liabilities?
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Answer: L= 60,000
Explanation: A= L+ E
A = 1/3A + 120,000
A -1/3A = 120,000
2/3A = 120,000
A= 180,000
L =1/3 A
L= 1/3 of 180,000
L= 60,000
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