1. Hannah Maganda has total assets of P25000  and equity of P32000. How much is her liabilities?   2. The total income of basit machine shop is P110000 and total expense of P30000 how much is basit Machine shop profit(or loss)?   3. The initial investment of the owner in his business is p75000. At the end of each year the total assets of the business amounted to p100000 ,which  consist of p50000 and p50000 equipment.The equipment has an unpaid balance if P20000 the only liability of the business. How much is the owners equity at the end of each of the year?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

1. Hannah Maganda has total assets of P25000  and equity of P32000. How much is her liabilities?

 

2. The total income of basit machine shop is P110000 and total expense of P30000 how much is basit Machine shop profit(or loss)?

 

3. The initial investment of the owner in his business is p75000. At the end of each year the total assets of the business amounted to p100000 ,which  consist of p50000 and p50000 equipment.The equipment has an unpaid balance if P20000 the only liability of the business. How much is the owners equity at the end of each of the year?

Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Federal Insurance Contributions Act (FICA)
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education