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Use the accounting equation to answer the following: 1. The assets of Luzon Petroleum are P40,000,000, and the owner's equity is P15,500,000. What is the amount of the liabilities? 2. The liabilities and owner's equity of Visayas Tours are P7,200,000 and P7,950,000, respectively. What is the amount of assets? 3. The liabilities of Mindanao Farms equal one-third of the total assets, and owner's equity is P16,000,000. What is the amount of liabilities? 4. At the beginning of the year, XYZ Consulting assets were P27,500,000, and its owner's equity was P15,000,000. During the year, assets increased P7,500,000 and liabilities decreased P2,250,000. What is the owner's equity at year end?

Use the accounting equation to answer the following: 1. The assets of Luzon Petroleum are P40,000,000, and the owner's equity is P15,500,000. What is the amount of the liabilities? 2. The liabilities and owner's equity of Visayas Tours are P7,200,000 and P7,950,000, respectively. What is the amount of assets? 3. The liabilities of Mindanao Farms equal one-third of the total assets, and owner's equity is P16,000,000. What is the amount of liabilities? 4. At the beginning of the year, XYZ Consulting assets were P27,500,000, and its owner's equity was P15,000,000. During the year, assets increased P7,500,000 and liabilities decreased P2,250,000. What is the owner's equity at year end?

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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Problem 1-1 Use the accounting equation to answer the following: 1. The assets of Luzon Petroleum are P40,000,000, and the owner's equity is P15,500,000. What is the amount of the liabilities? 2. The liabilities and owner's equity of Visayas Tours are P7,200,000 and P7,950,000, respectively. What is the amount of assets? 3. The liabilities of Mindanao Farms equal one-third of the total assets, and owner's equity is P16,000,000. What is the amount of liabilities? 4. At the beginning of the year, XYZ Consulting assets were P27,500,000, and its owner's equity was P15,000,000. During the year, assets increased P7,500,000 and liabilities decreased P2,250,000. What is the owner's equity at year end?
Transcribed Image Text:Problem 1-1 Use the accounting equation to answer the following: 1. The assets of Luzon Petroleum are P40,000,000, and the owner's equity is P15,500,000. What is the amount of the liabilities? 2. The liabilities and owner's equity of Visayas Tours are P7,200,000 and P7,950,000, respectively. What is the amount of assets? 3. The liabilities of Mindanao Farms equal one-third of the total assets, and owner's equity is P16,000,000. What is the amount of liabilities? 4. At the beginning of the year, XYZ Consulting assets were P27,500,000, and its owner's equity was P15,000,000. During the year, assets increased P7,500,000 and liabilities decreased P2,250,000. What is the owner's equity at year end?
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