SET A - At the beginning of the year, Gilas Company had the total assets of P2,000,000 and a total liabilities of P500,000. Answer the following questions: 1. If the total assets increased by P300,000 during the year and total liabilities decreased by P120,000, what is the amount of owners' equity at the end of the year? 2. During the year, total liabilities increased by P200,000, and owner's equity decreased by P140,000. What is the amount of total assets at the end of the year? 3. If total assets decreased by P160,000 and owner's equity increased by P200,000 during the year, what is the amount of total liabilities at the end of the year? SET B - Use the expanded equation to answer each of the following questions: 4. At the beginning of the year, the owner's capital of Matobato Company is P450,000 while its liabilities at the end of the year are P270,000. During the year, the owner withdrew cash for his personal use amounting to P120,000 and the results of operations showed revenues of P1,350,000 and expenses amounted to P960,000. What is the amount of Matobato Company's total assets at the end of the year? ____________________. 5. The total assets of Trillanes Co are P300,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Trillanes Co.'s owner's equity? _______________________
SET A - At the beginning of the year, Gilas Company had the total assets of P2,000,000 and a total liabilities of P500,000.
Answer the following questions:
1. If the total assets increased by P300,000 during the year and total liabilities decreased by P120,000, what is the amount of owners' equity at the end of the year?
2. During the year, total liabilities increased by P200,000, and owner's equity decreased by P140,000. What is the amount of total assets at the end of the year?
3. If total assets decreased by P160,000 and owner's equity increased by P200,000 during the year, what is the amount of total liabilities at the end of the year?
SET B - Use the expanded equation to answer each of the following questions:
4. At the beginning of the year, the owner's capital of Matobato Company is P450,000 while its liabilities at the end of the year are P270,000. During the year, the owner withdrew cash for his personal use amounting to P120,000 and the results of operations showed revenues of P1,350,000 and expenses amounted to P960,000. What is the amount of Matobato Company's total assets at the end of the year? ____________________.
5. The total assets of Trillanes Co are P300,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Trillanes Co.'s owner's equity? _______________________
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
