1.How much is the owner's equity if Assets is P200,000 and Liabilities is P80,000?

 
Oe= a-l
200,000-80,000=120,000
 
 
2,How much is the total assets if the liabilities amounts to P145,000 and owner's equity of P236,000?
 
a=l+oe
145,000+236,000=381,000
 
 
3.The liabilities of Ramayla Company is 25% of the assets and its owner's equity amounts to P225,000.
How much is the total assets of the company?
 
A=l+e
Remember asset is the total amount, bale if 25% liabilities so ang owners equity (225,000) is 75% of the
asset
Para ma determine ang whole
225,000/0.75=300,000(asset)
 
Checking
300,000x0.25=75,000 (liabilities)
 
A=l+e
75,000+225,000=300,000
 
 
4.At the beginning of the year, the assets of Tanjay Company were P36,000 and its owner's equity was
P20,000. During the year, assets increased by P12,000 and liabilities increased to P20,000. What was the
owner's equity at the end of the year?
 
Given
Begassets= 36,000
e=20,000
Asset increased= 12,000+36,000=48,000
l=20,000
 
0e= a-l
48,000-20,000=28,000
 
 
 
5.How much is the entity's expenses when it reported Income of P750,000 and a Profit of P280,000?
 
Income-profit=expenses
750,000-280,000=470,000
 
 
 
6.A medical practitioner has a profit of P42,000. How much is its total revenue if expenses is reported at
80% of the total revenues?
 
P42,000=20% of the revenue
soooo 42,000/20% (0.20)=P210,000 (total revenue)
Checking:
210,000x0.20(20%)=42,000
 
 
 
7.To what side should Accounts Payable be recorded when the entity will make payments to the
supplier? Debit
 
 
8.To what side should Withdrawals be recorded when the owner withdraws cash for personal use?
Credit
 
 
9.What is the effect if Prepaid Rent is credited? It decreases
debit the Prepaid Expense account to show an increase in assets. And, credit the Cash account to show
the loss of cash
 
 
10.What is the effect if Accrued Utilities Expense is credited? It increases
an accrued expense journal entry is a debit to an Expense account. The debit entry increases your
expenses.