PROBLEM 8: COMPUTATIONS - EXPANDED EQUATION Instruction: Compute for the missing amounts. ASSETS = LIABILITIES + EQUITY + INCOME - EXPENSES 1, 920,000 | 710,000 290,000 440,000 2 2. 870,000 | 310,000 240,000 150,000 3.__ 890,000 | 240,000 2 600,000 190,000 4. _#740,000 2 170,000 | 1,900,000 | #1,860,000 5. 2? 780,000 470,000 680,000 490,000 PROBLEM 9: COMPUTATIONS - ACCOUNTING EQUATION Instruction: Determine the effects of the transactions or events described below on the basic accounting equation. Example: You invested #100 cash from your personal savings to your business. Answer: ASSETS LIABILITIES + EQUITY 100 0 #100 1. You found additional #20 underneath your pillow. You also invested this amount to your business. Your business obtained a loan of #500. 3. Your business earned income of ®2,000 during the period. The income did not affect your liabilities.* 4. Your business incurred expenses of #800 during the period. The expenses did not affect your liabilities.* 5. Get the totals of the assets, liabilities and equity, INCLUDING the effects of the given example. Check if the accounting equation is balanced.