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Principles of Accounting Problem 11

1. The document refers to Neo Aglugub and Benedicta Cumagun. 2. It asks for the amount of assets owned by Beatriz Onate as of December 31, 2019. 3. It provides calculations to determine owner's equity and liabilities for several business owners at different dates.

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Carlo Abrina
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282 views1 page

Principles of Accounting Problem 11

1. The document refers to Neo Aglugub and Benedicta Cumagun. 2. It asks for the amount of assets owned by Beatriz Onate as of December 31, 2019. 3. It provides calculations to determine owner's equity and liabilities for several business owners at different dates.

Uploaded by

Carlo Abrina
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Required:

1. Refer to Neo Aglugub 2. Refer to Benedicta Cumagun 3. What's the amount of assets owned by Beatriz Onate as at Dec. 31, 2019?
a.) What's the owner's equity as at Dec. 31, 2018? a.) What's the owner's equity as at Dec. 31, 2018 A = L + OE
OE = A - L OE = A - L A = L + [(Add'l Investments + Profit) - Withdrawals]
OE = 450,000 - 235,000 OE = 350,000 - 225,000 A = 190,000 + [(77,500 + 90,000) - 38,750]
OE = 215,000 OE = 125,000 A = 318,750
b.) What's the owner's equity as at Dec. 31, 2019? b.) What's the owner's equity as at Dec. 31, 2019
OE = (Add'l Investments + Profit) - Withdrawals OE = A - L 4. What's the amount of additional investments in Placido Tuddao made
OE = (50,000 + 75,000) - 25,000 OE = 410,000 - 275,000 during 2019?
OE = 100,000 OE = 135,000 Add'l Investments = A - L - Profit + Withdrawals
c.) What’s the amount of liabilities as at Dec. 31, 2019 c.) What's the profit for 2019? Add'l Investments = 1,250,000 - 640,000 - 120,000 - 0
L = A - OE Profit = (OE + Withdrawals) - Add'l Investments Add'l Investments = 490,000
L = 480,000 - 100,000 Profit = (135,000 + 30,000) - 15,000
L = 380,000 Profit = 150,000

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