Multiple Choice:

1. B
Total Assets = P220,000 + P90,000 = P310,000
2. C
Total Liabilities = P380,000 – P129,000 = P251,000
3. D
Total Equity = P780,000 – P220,000 = P560,000
4. A
Profit = P570,000 – P320,000 = P250,000
5. A
Loss = P62,000 – P91,000 = (P29,000)
6. B
Income ? (squeeze)
Less: Expenses 29,000
Profit 30,000

Income = P30,000 + P29,000 = P59,000

7. B
Income 53,000
Less: Expenses ? (squeeze)
Profit 38,000

Expenses = P53,000 – P38,000 = P15,000

8. B

Assets = Liabilities + Equity + Income - Expenses

P67,000 = P 15,000 + P8,000 + ? - P29,000

Total Income = P67,000 –P15,000 – P8,000 + P29,000 = P73,000

9. C

Assets = Liabilities + Equity + Income - Expenses

P89,000 = P36,000 + P18,000 + P57,000 - ?

Total Expenses = P89,000 – P36,000 – P18,000 – P57,000 = P22,000

10. C
Beginning Equity P52,000
Add: Income 87,000
Less: Expenses (63,000)
Ending Equity ?

Ending Equity = P76,000