At the beginning of the year, the assets of Tubo Services were P720,000 and it’s owner’s equity was P400,000. During the year, assets increased by P240,000 and liabilities increased by 40,000. What was the owner’s equity at the end of the year?

At the beginning of the year, the assets of Tubo Services were P720,000 and it’s owner’s equity was P400,000. During the year, assets increased by P240,000 and liabilities increased by 40,000. What was the owner’s equity at the end of the year?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Eren’s capital increased by 100% during the year. Beginning capital was P1,750,000. Net income was…

A: Capital means the amount of investment made by the owner in the business. It includes investment…

Q: Nixon Corp. had rental revenue of $41,950. Expenses for the year ended December 31, 20Y5, are as…

A: Expenses=Utilities+Salaries+Miscellaneous+Rent=$6,000+$16,300+$3,000+$14,450=$39,750

Q: At the beginning of the year a sole proprietorship had liabilities of 100k and owners equity of 96k.…

A: Asset :— Assets is Something which Containing economic Value & Future Value. It is the Part of…

Q: At the beginning of the year, Addison's company assets are $218,000 and its equity is $163,500.…

A: At the beginning of the year, Assets = $ 218,000 Equity = $ 163,500 We know the Accounting Equation…

Q: McDonald’s Corporation (MCD) reported the following balance sheet and income statement data for two…

A: Return on Asset is a type of Ratio which comes under Profitability Ratio Category.It gives how much…

Q: The balance of retained earnings of Dragon Corporation at the beginning of the year was P650,000.…

A: The retained earnings are the net income of the business to be available for shareholders.

Q: If the Interest paid is $65; the NI is $60, the Retained Earnings are $25; the Debt at the End of…

A: Cash flow from assets is the aggregate total of all cash flows related to the assets of a business.…

Q: If the total asset turnover of ABC company is 1.2 times and the sales of the same company is 600…

A: Total asset turnover = 1.2 times Sales = 600 million

Q: Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000.…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: At the beginning of the year, a firm had current assets of $121,306 and current liabilities of…

A: The objective of the question is to calculate the change in net working capital of a firm from the…

Q: he company had the following final balances after the Arst year af aperations: assets, $45,000,…

A: solution given Assets 45000 Stock holders equity 25000 Net income 10000…

Q: At the beginning of the quarter, Gray Company had total assets of 456,972 and total liabilities of…

A: Owners' Equity / Stockholders' equity: Stockholders' equity means the net assets available to…

Q: Which of the following is part of the payments system of the economy? A. currency B. demand deposits…

A: A payment system is any mechanism that settles banking transactions by transferring monetary value.…

Q: A company has a current ratio of 5:1 if the company has ₱200,000 current assets, how much is the…

A: The current ratio is calculated as current assets divided by current liabilities.

Q: The year-end financial statements of Calloway Company contained the following elements and…

A: We know that as per the accounting equation, total assets are equal to the addition of total…

Q: Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000.…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: Need help

A: Step 1:Return on assets is calculated to know that how efficiently the company is using its assets…

Q: Last year, Accounting Service Company (ASC) sold services on account for £150,000 and incurred…

A: Given, Services revenue = $150,000 Expenses Incurred = $96,000

Q: The following amounts are from Parra Company’s financial statements at the end of the current year:…

A: 1) Profit Margin Net Profit/Net Sales 2) Asset Turnover Net Sales/Average Total Assets 3)…

Q: Pharoah Company reports the following information (in millions) during a recent year: net sales,…

A: Step 1: Given, Net sales = $13,875.0,Net earnings = $693.8,Total assets(ending) = $5,600.0, and…

Q: Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000.…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: At the end of its first year of operations, FDNACCT reported net income of P150,000. Assets at…

A: Liabilities = Total assets - Owner's Equity

Q: Solve

A: Step 1:Computation of the average total assets: Average total assets = (Total assets at the…

Q: At the start of the year, the balance on Sara's capital account was $55.689. During the year Sara…

A: Lets understand the basics. For calculating ending balance of capital account, we will need to use…

Q: QUESTION: At the beginning of the year, Keller Company's liabilities equal $60,000. During the year,…

Q: At the beginning of the year X Limited's Asset amounted to P14,625,000 At the end of the year Assets…

A: Liabilities = Assets - Owner's Equity Beginning Assets = P14,625,000 Beginning Owner's Equity =…

Q: For the year, I Company reports revenues of 800,000, expenses of 600,000, and dividends of 50,000.…

A: Retained earnings are the unallocated profits available for distribution to the shareholders. It is…

Q: The balance sheet of Mi-T-M reports total assets of $400,000 and $450,000 at the beginning and end…

A: Average total assets = (Beginning total assets + ending total assets)/2 = (400000+450000)2 =…

Q: Give true answer

A: Now, use the Return on Assets (ROA) formula to calculate Acme's net income:ROA=Average Total…

Q: Chou Company has a net income of $52,000, assets at the beginning of the year are $259,000 and…

A: Return on assets indicates profitability rate on the bases of assets. It can be calculated by…

Question

100%

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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

At the end of the year, total assets and total liabilities were P 40,000 and P 10,000, respectively. If during the year, total equity increased by 20%, how much was the beginning total liabilities if beginning total assets was P 52,000?
At the beginning of the year, a firm had current assets of $121,306 and current liabilities of $124,509. At the end of the year, the current assets were $122,418 and the current liabilities were $103,718. What is the change in net working capital?
10. At the beginning of the year, an Entity had total assets of P700,000 and total liabilities of P500,000. If the total assets increased to P850,000 during the year and the total liabilities decreased to P400,000, what is the amount of owner's equity at the end of the year? O A. P1,250,000 O B. P810,000 C. P450,000 O D. P200,000 O O O O
The following information is available for Advanced Micro Devices (AMD) for the current year: Assets at beginning of year $ ?Assets at end of year $4,556,000,000Liabilities at beginning of year $2,956,000,000Liabilities at end of year $ ?Stockholders’ equity at end of year $ ? During the year, AMD’s assets increased by $1,004,000,000 and its liabilities increased by $334 million. Calculate AMD’s stockholders’ equity at the end of the year. Do NOT include the dollar sign ($) when you enter your answer.
A company has liabilities of 15,500 and 20,200 of owner's equity at the year end. What is the total amount of assets held by the firm at year end?
Answer provide Answer with calculation
Walter Mart has net assets of P3,358,000 after liabilities of P1,267,000 at the end of the year. What is Walter Mart's equity at year-end?
Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000. During the year, the business recorded OMR 430,000 in revenues, OMR 265,000 in expenses, and dividends of OMR 60,000. The net income reported by Al Rahami Shop for the year was: a)OMR 150,000. bJOMR 120,000. c)OMR 165,000. DJOMR 195,000.
26 )
At the beginning of the year, Quaker Company's liabilities equal $55,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease by $17,000 during the year. What are the beginning and ending amounts of owners' equity?