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20 August, 11:41

It is the end of the year but not the end of the pay period. How will this affect the balance sheet?

Question options:

This has no effect on the period-end balance sheet.

Liabilities will be increased.

Owner's equity will be increased.

Assets will be increased.

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Answers (1)
  1. 20 August, 14:18
    0
    The correct answer is, Liabilities will be increased.

    Explanation:

    Though the year has ended however, the payment would still be due to be made. Hence, payables would be reflected in the balance sheet thereby increasing the liabilities.
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Home » Business » It is the end of the year but not the end of the pay period. How will this affect the balance sheet? Question options: This has no effect on the period-end balance sheet. Liabilities will be increased. Owner's equity will be increased.
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