GLOBE § 1AWa all 46% O 8:54 pmSET A - At the beginning of the year, GilasCompany had the total assets of P2,000,000and a total liabilities of P500,000.Answer the following questions:1. If the total assets increased by P300,000during the year and total liabilities decreasedby P120,000, what is the amount of owners'equity at the end of the year?2. During the year, total liabilities increased byP200,000, and owner's equity decreased byP140,000. What is the amount of total assetsat the end of the year?3. If total assets decreased by P160,000 andowner's equity increased by P200,000 duringthe year, what is the amount of total liabilitiesat the end of the year?SET B - Use the expanded equation to answereach of the following questions:4. At the beginning of the year, the owner'scapital of Matobato Company is P450,000while its liabilities at the end of the year areP270,000. During the year, the owner withdrewcash for his personal use amounting toP120,000 and the results of operationsshowed revenues of P1,350,000 andexpenses amounted to P960,000. What is theamount of Matobato Company's total assetsat the end of the year?.5. The total assets of Trillanes Co areP300,000 and its liabilities are equal totwo-thirds of its total assets. What is theamount of Trillanes Co.'s owner's equity?Add class comment

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Description: GLOBE § 1AWa all 46% O 8:54 pmSET A - At the beginning of the year, GilasCompany had the total assets of P2,000,000and a total liabilities of P500,000.Answer the following questions:1. If the total assets increased by P300,000during the year and tot

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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 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?

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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