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Exercise#1 Earlmathew Visarra

The document provides examples of calculating financial statements for various businesses based on information about their assets, liabilities, and owner's equity. For each business, the assets, liabilities, and owner's equity amounts are given, and the missing value is calculated using the equation that assets equal liabilities plus owner's equity.

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Mathew Visarra
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454 views2 pages

Exercise#1 Earlmathew Visarra

The document provides examples of calculating financial statements for various businesses based on information about their assets, liabilities, and owner's equity. For each business, the assets, liabilities, and owner's equity amounts are given, and the missing value is calculated using the equation that assets equal liabilities plus owner's equity.

Uploaded by

Mathew Visarra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1. A Pest Control has assets of P600,000 and owner's equity of P450,000.

Finding for the Liabilities: Assets = Liabilities + OE


Liab. = Assets - OE

ASSETS EQUITY LIABILITIES


₱ 600,000 ₱ 450,000 ₱ 150,000

2. M Realtor's has liabilities of P530,000 and owner's equity or P410,000.

Finding for the Assets: Assets = Liabilities + OE


Assets = Liab + OE

ASSETS LIABILITIES EQUITY


₱ 940,000 ₱ 530,000 ₱ 410,000

3. F Plumbing Contractor has assets of P473,000 and liabilities of P153,700.

Finding for the OE : Assets = Liabilities + OE


OE = Assets - Liabilities

ASSETS LIABILITIES EQUITY


₱ 473,000 ₱ 153,000 ₱ 319,300

4. J Studio has liabilities of P147,000 and owner's equity of P236,500.

Finding for the Assets: Assets = Liabilities + OE


Assets = Liab + OE

ASSETS LIABILITIES EQUITY


₱ 383,500 ₱ 147,000 ₱ 236,500

5. Mon Dance has assets of P624,000 and liabilities of P237,000.

Finding for the OE : Assets = Liabilities + OE


OE = Assets - Liabilities

ASSETS LIABILITIES EQUITY


₱624,000 ₱ 237,000 ₱ 387,000
6. At the beginning of the year, the assets of Arib Services were P 360,000 and its
owner's equity was P200,000. During the year, assets increased by P120,000 and
liabilities increased by P 20,000. What was the owner's equity at the end of the year?

Asset = Liabilities + Owner's equity

ASSETS LIABILITIES EQUITY


₱ 360,000 + ₱ 120,000 ₱ 200,000 + ₱ 20,000 ₱ 260,000

= ₱ 480,000 = ₱ 220,000

7. At the beginning of the year, Cora Calling Station had liabilities of P100,000 and
owner's equity of P 96,000. If assets increased by P40,000 and liabilities decreased
by P30,000, what was the owner's equity at the end of the year?

Liabilities + Equity = Asset

ASSETS LIABILITIES EQUITY


₱ 236,000 ₱ 70,000 ₱ 166,000

8. The liabilities of C Stylist equal one-third of the total assets and the owner's
equity is P240,000. What is the amount of liabilities?

ASSETS LIABILITIES EQUITY


₱ 360,000 ₱ 120,000 ₱ 240,000

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