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ompute for the missing amount of the account titles taken from the SPF of independent company.   1. Assets are Php 27,000 and owner's equity is Php15,000, liabilities?

ompute for the missing amount of the account titles taken from the SPF of independent company.   1. Assets are Php 27,000 and owner's equity is Php15,000, liabilities?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Activity 3.

Instruction: 

 

Compute for the missing amount of the account titles taken from the SPF of independent company.

 

1. Assets are Php 27,000 and owner's equity is Php15,000, liabilities?

Activity 3. Instruction: : Compute for the missing amount of the account titles taken from the SPF of independent company. 1. Assets are Php 27,000 and owner's equity is Php15,000, liabilities? 2. At the end of the first month of operations for TMAM Transportation, the business had the following accounts: Accounts Receivable, Php2,800; Prepaid Insurance, Php700; Equipment, Php85,500 and Cash, Php75,550. On the same date, TMAM owed the following creditors: Mely's Supply Company, Php8,000; Mark's Equipment, Php19,500. The current assets for the Juana's Delivery Service are 3. At the end of the first month of operations for Mary Anne's, the business thad the following accounts: Accounts Receivable, Php4,800; Prepaid insurance, Php15,000; Equipment, Php68,200 and Cash, Php40,650. On the same date, Juana owed the following creditors: Bonny Supply Company, Php42,000 (due in 6 months); Maria's Equipment, Php90,500 (due after 2 years). Current liability is 4. If during the year total assets increase by Php85,000 and total liabilities decrease by Php15,000, by how much did owner's equity increase/decrease? 5.Using the following accounts Cash - 15,000 Loans Payable - 77,500 Accounts Receivable - 6,300, Inventory-7,400 Supplies -- 4,200Equipment – 52,000 Owner's equity - 98,000 Accounts Payable - 22,400 Building -113,000, How much is the total assets and Total Liabilities and Owner's Equity Total Liabilities and Owner's Equity.
Transcribed Image Text:Activity 3. Instruction: : Compute for the missing amount of the account titles taken from the SPF of independent company. 1. Assets are Php 27,000 and owner's equity is Php15,000, liabilities? 2. At the end of the first month of operations for TMAM Transportation, the business had the following accounts: Accounts Receivable, Php2,800; Prepaid Insurance, Php700; Equipment, Php85,500 and Cash, Php75,550. On the same date, TMAM owed the following creditors: Mely's Supply Company, Php8,000; Mark's Equipment, Php19,500. The current assets for the Juana's Delivery Service are 3. At the end of the first month of operations for Mary Anne's, the business thad the following accounts: Accounts Receivable, Php4,800; Prepaid insurance, Php15,000; Equipment, Php68,200 and Cash, Php40,650. On the same date, Juana owed the following creditors: Bonny Supply Company, Php42,000 (due in 6 months); Maria's Equipment, Php90,500 (due after 2 years). Current liability is 4. If during the year total assets increase by Php85,000 and total liabilities decrease by Php15,000, by how much did owner's equity increase/decrease? 5.Using the following accounts Cash - 15,000 Loans Payable - 77,500 Accounts Receivable - 6,300, Inventory-7,400 Supplies -- 4,200Equipment – 52,000 Owner's equity - 98,000 Accounts Payable - 22,400 Building -113,000, How much is the total assets and Total Liabilities and Owner's Equity Total Liabilities and Owner's Equity.
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