Problem B – Villanueva Realty had the following balance sheet accounts and balances: Accounts Payable 60,000 Equipment 70,000 Accounts Receivable 10,000 Villanueva, Capital ? Building ? Land 70,000 Cash 30,000 4. If the balance of the Building account was P140,000 and P30,000 of Accounts Payable were paid in cash, what would be the balance of the Villanueva, Capital account? c. P320,000 d. P340,000 a. P210,000 b. P260,000 5. If the balance of the Building account was P80,000 and P30,000 of Accounts Payable were paid in cash, what would be the total liabilities and owner's equity? a. P140,000 c. P190,000 b. P180,000 d. P230,000

Problem B – Villanueva Realty had the following balance sheet accounts and balances: Accounts Payable 60,000 Equipment 70,000 Accounts Receivable 10,000 Villanueva, Capital ? Building ? Land 70,000 Cash 30,000 4. If the balance of the Building account was P140,000 and P30,000 of Accounts Payable were paid in cash, what would be the balance of the Villanueva, Capital account? c. P320,000 d. P340,000 a. P210,000 b. P260,000 5. If the balance of the Building account was P80,000 and P30,000 of Accounts Payable were paid in cash, what would be the total liabilities and owner's equity? a. P140,000 c. P190,000 b. P180,000 d. P230,000

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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