2480000

360000
40000
2560000
200000
2800000
2800000
200000
40
2600
3145
280
2865
2865

360
190
3150
1) The incomplete records of Brain Company showed the ff information:

End of Year Beginning of Year

Cash 108,000 60,000
Accounts Receivable 181,000 120,000
Prepaid Rent 20,000 35,000
Furniture and fixtures (net) 300,000 270,000
Accounts Payable 112,000 94,000
Accrued Salaries 26,000 -

Brain, the owner, made additional investments of 70,000 and withdrew cash of 120,000 during the year.
Required: Compute the profit or loss for the year

2) The following changes in Alaska Company's account balances occurred during 2017:
Increase
Assets 890,000
Liabilities 270,000
Share Capital 600,000
Share Premium 60,000

Except for a 130,000 dividend payments and the year's earnings, there were no changes in retained earnings for 2017.
What was Alaska's profit for 2017?

3) Maxwell Company's total equity increased by 320,000 during 2017. New shareholder investment during the year totaled
650,000. Total Revenues during the year were 5,000,000 and total expenses were 4,600,000. Cash increased by 75,000
during the year.

What amount of dividends did Maxwell Company declare during 2017?

4) The changes in the account balances and the following additional information are taken from the accounts of Great Taste
Corporation for the year 2017.
Increase/(Decrease)
Cash 142,500
Accounts Receivable (30,000)
Inventory 202,500
Building and equipment, net 630,000
Accounts Payable (172,500)
Bonds Payable 375,000
Share Capital 300,000
Share Premium 45,000

Dividends for 2017 were 82,500. There were no transactions affecting retained earnings other than dividends and profit.
The profit for 2017 is

5) The following changes in GRACE Company’s account balances occurred during the current year:

Increase/(Decrease)
Assets 3,560,000
Liabilities 1,080,000
Share Capital 2,400,000
Share Premium 240,000
Dividend declaration and payment 520,000
Net income / Net Loss ?

Compute the missing amount, the net income or net loss of the company during the year.

6) Joy Company’s beginning and ending total liabilities were P840,000 and P1,000,000, respectively. At year-end, owner’s equity
was P2,600,000 and total assets were P200,000 larger than at the beginning of the year. If new share capital issued exceeded
dividends by P240,000.

Required: Compute for the ff:

a. Total Assets, beginning

b. Net Income/ (loss) during the year