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STRAIGHT PROBLEMS The Accounting Equation 65 Problem 1: Answer the questions. Provide the correct answer on the blank before each number. At the beginning of the year, the company had total assets of P260,000 and total liabilities of P125,000. 1. If during the year, total liabilities decreased by P37,500 and equity increased by P25,000, how much is the total assets at the end of the year? 2. If during the year, equity decreased by P45,000 and assets increased how much did the total liability increase/decrease by P30,000, for the year? 3. If during the year, total liabilities increased by P27,500 and assets decreased by P100,000, how much did equity increase/decrease to at the end of the year?

STRAIGHT PROBLEMS The Accounting Equation 65 Problem 1: Answer the questions. Provide the correct answer on the blank before each number. At the beginning of the year, the company had total assets of P260,000 and total liabilities of P125,000. 1. If during the year, total liabilities decreased by P37,500 and equity increased by P25,000, how much is the total assets at the end of the year? 2. If during the year, equity decreased by P45,000 and assets increased how much did the total liability increase/decrease by P30,000, for the year? 3. If during the year, total liabilities increased by P27,500 and assets decreased by P100,000, how much did equity increase/decrease to at the end of the year?

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.10E: Net Income (or Loss) and Retained Earnings The following information is available from the records...
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10 11 انه است 12 13 Item B. During the month of August 2019, Coco Chanel made the following transactions. 1 2 4 5 6 7 8 9 10 11 A Closer Look on Basic Accounting 66 Paid supplies purchased in item 8. Withdrew cash for personal use. Paid cash for rent in the building. Received bill from PLDT and paid the same. Transactions Deposited money under the name business Acquired a service vehicle on account Purchased supplies for cash Rendered services to Alonso Delfonso for cash Provided services to Claro Olei on account. Paid salaries of bookkeeper Paid rent for 12 months. of the Hired a bookkeeper. The owner withdrew cash for personal use Made an additional investment into the business Collected cash from Claro Olei A L OE
Transcribed Image Text:10 11 انه است 12 13 Item B. During the month of August 2019, Coco Chanel made the following transactions. 1 2 4 5 6 7 8 9 10 11 A Closer Look on Basic Accounting 66 Paid supplies purchased in item 8. Withdrew cash for personal use. Paid cash for rent in the building. Received bill from PLDT and paid the same. Transactions Deposited money under the name business Acquired a service vehicle on account Purchased supplies for cash Rendered services to Alonso Delfonso for cash Provided services to Claro Olei on account. Paid salaries of bookkeeper Paid rent for 12 months. of the Hired a bookkeeper. The owner withdrew cash for personal use Made an additional investment into the business Collected cash from Claro Olei A L OE
4 Item 1 2 3 LO Problem 1: Answer the questions. Provide the correct answer on the blank before each number. At the beginning of the year, the company had total assets of P260,000 and total liabilities of P125,000. STRAIGHT PROBLEMS Problem 2: Determine the effect. For each transaction, indicate whether assets (A), Liabilities (L) or owner's equity (OE) increased (+), Decreased (-) or did not change (0) by placing the appropriate sing in the appropriate column. A. Below are the transactions of LNS Company for the month of August 2019. OE Transaction The owner invested cash into the business. Purchased supplies on account. Charged customers for services rendered on account. Rendered services to cash customers. Purchased office equipment for cash. Paid salaries for the month. Received billing from Meralco for electricity consumption during the month. Purchased supplies on account. Collected cash from charged customer in item 3. 5 6 The Accounting Equation 65 7 8 1. If during the year, total liabilities decreased by P37,500 and equity increased by P25,000, how much is the total assets at the end of the year? 2. If during the year, equity decreased by P45,000 and assets increased by P30,000, by how much did the total liability increase/decrease for the year? 3. If during the year, total liabilities increased by P27,500 and assets decreased by P100,000, how much did equity increase/decrease to at the end of the year? A L
Transcribed Image Text:4 Item 1 2 3 LO Problem 1: Answer the questions. Provide the correct answer on the blank before each number. At the beginning of the year, the company had total assets of P260,000 and total liabilities of P125,000. STRAIGHT PROBLEMS Problem 2: Determine the effect. For each transaction, indicate whether assets (A), Liabilities (L) or owner's equity (OE) increased (+), Decreased (-) or did not change (0) by placing the appropriate sing in the appropriate column. A. Below are the transactions of LNS Company for the month of August 2019. OE Transaction The owner invested cash into the business. Purchased supplies on account. Charged customers for services rendered on account. Rendered services to cash customers. Purchased office equipment for cash. Paid salaries for the month. Received billing from Meralco for electricity consumption during the month. Purchased supplies on account. Collected cash from charged customer in item 3. 5 6 The Accounting Equation 65 7 8 1. If during the year, total liabilities decreased by P37,500 and equity increased by P25,000, how much is the total assets at the end of the year? 2. If during the year, equity decreased by P45,000 and assets increased by P30,000, by how much did the total liability increase/decrease for the year? 3. If during the year, total liabilities increased by P27,500 and assets decreased by P100,000, how much did equity increase/decrease to at the end of the year? A L
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