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    Chapter 2 Exercises

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    SHIENNA MAE ALVIS

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    Chapter 2 Exercises

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    SHIENNA MAE ALVIS
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    7 views9 pages

    Chapter 2 Exercises

    Uploaded by

    SHIENNA MAE ALVIS

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    © All Rights Reserved
    Download as PDF or read online from Scribd
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    1 WBS ey 2-38 | Basi Financial Accounting and Reporting 2072 6dr” by Pi SECTION: _ - Problem #3 Elements of Financial Statements Assets __Liabilities_ Owner's Equity @. 760,000 360,000 r b. 860,000 ? 592,000 c > 108,000 760,000 4. 626,600 376,240 ? e ? 800,000 (190,000) Required: Fill in the amount of the missing element of financial postion Problem #38 4. Jimmy Delgado Pest Control has assets of P600,000 and owner's equity of 4s: Margie Clavano Realtors has liabilities of P530,000 and owner's equity of ¢. Marko Fuentes Plumbing Contractor has assets of P473,000 and lzbic, P153,700. d. Ryan Morales Acting Studio has liabilities of P147,000 and owner's co P236,500. €. Fely Monarca Dance has assets of P624,000 and liabilities of P237,000. Required: Compute the amount of the missing element of financial position Problem #3C a. At the beginning of the year, the assets of Cleofe Arib Serv ce its owner's equity was P200,000. During the year, assets incre» liabilities increased by P20,000. What was the owner's equity » year? b. At the beginning of the year, Cora Gabayan Calling Station had babe ts and owner's equity of P96,000. if assets increased by P40.0 decreased by 30,000, what was the owner's equity at the end of the ye 4 cc. The liabilities of Lenore Loqueloque Stylist equal one-third of the total 25> the owner's equity \s P240,000. What is the amount of the liabilities? Required: Use the accounting equation to answer each of the questions 200" — = aan Reco AP a BOCA eR. Precast Chaeged cetaonaes tor vermis mate oF * seco aan Rerutiered seervicits te cae Castereaern Pet cass or mem co usictong, Crftamcned on eccanort coca = taf Fine cash toe agate, Perera scp, pu ee OF Sec Prt care Ne bet ac ce Pet

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