4. Owner, Marco invested an initial capital amounting P70,000 in order to putup his Computer Services. During the first year of operations, the business hada loss of Php30,000 because of this Marco invested additional capital amountingto Php70,000 in 2018. In the second year, the company had a net income ofPhp120,000 and Marco withdrew Php50,000 for his personal use. Compute forthe ending capital balance of Marco for the year 2019. 5. The following balances were retrieved from the records of ABM TruckingServices for the year ended December 31, 2020. Prepare a Statement of Changesin Equity of ABM Trucking Services.Capital, January 01, 2020WithdrawalsPhp. 700,000.00150,000.0077,000.0045,000.00Additional InvestmentsNet loss

Hi student Since there are multiple questions, we will answer only first question.

Answered: 4. Owner, Marco invested an initial…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 59P

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COMPUTE AND PREPARE: 1. Owner, Pedro invested an initial capital amounting Php 50,000 in order to put up his carwash business. During the first year operations (2018), the business had a loss of Php 25,000. Because of this, Pedro invested additional capital amounting of Php 50,000 in 2019. In the second year (2019) the company had a net income Php 100,000 and Pedro withdrew php 10,000 for personal use. Compute the ending capital balance of Pedro for the year 2019.
X had started business with $2,00,000 in the beginning of the year. During the year, he borrowed $1,00,000 from Y. He further introduced $2,00,000 in the business. He also gave $50,000 as loan to his son. Goods given away as charity by him were $20,000. Profits earned by him were $2,50,000. He also withdraw $30,000 from the business. His capital at the end of the year would be__________.
Andy Alarcon invested P200,000 cash to establish the business of which P150,000 was deposited to its UnionBank current account. June 2 He also invested a computer acquired a few months ago at a cost of P55,000 but there is still an outstanding liability of P25,000 due to ACER Electronic Equipment. This liability is to be assumed by the business. June 5 He also invested furniture and fixtures which were acquired a year ago for P20,000 but with a current market value of P10,000. Dec. 8 Withdrew a piece of furniture which was invested last June 5 and listed in the books as P2,500. It has an accumulated depreciation of P250. Required: Prepare the entries to record the above transactions
Faith D. Nakpil started her accounting practice on November 3, 2021 by investing P138,000 cash and her old laptop with an original cost of P64,000 but with a fair value of P31,000 at the time of investment. How much was the initial capital of Faith?
Owner, Juan invested an initial capital amounting P50,000 in order to put up his janitorial services company. During the first year of operations (2020), the company had a revenue of P75,000. But Juan wanted to expand his business so invested additional capital amounting to P50,000 in 2021. In the second year (2021), the company had a net income of P100,000 and Juan withdrew P10,000 for personal use. Compute for the ending capital balance of Juan for the year 2021.
Owner,Juan invested an initial capital amounting P50,000 in order to put up his janitorial services conpany.During the first year of operations (2016),the company had a loss of P25,000.Because of this,Juan invested additional capital amounting to P50,000 in 2017.In the second year (2017),the company had a net income of P100,000 and Juan withdrew P10,000 for personal use.Compute for the ending capital balance of Juan for the year 2017.
A. Nenita Mendoza, who plans to go abroad, is selling her mini-donut business. Her friend Benita Peña is interested to buy it but can only afford to pay Php. 350,000. The following are the assets of Mendoza’s business.Book ValueMarket ValueEquipment (net if accumulated depreciation of Php. 25,000Php. 350,000Php. 300,000Support Equipment (net of accumulated depreciation Php. 5,000)75,00050,000Raw materials35,00025,000Franchise Right150,000100,000TotalPhp. 610,000Php. 475,000a. How much is the net worth assuming there is a mortgage note of Php. 150,000 attached to the equipment?b. Will Benita Peña be able to afford to buy the business?c. Make the entry in the books of Peña?
The owner of ABC Company invested cash to the business amounting ₱500,000 and office furniture and equipment which has a fair market value of ₱210,000. During the year, the owner made an additional investment of ₱150,000 to increase the working capital of the firm. On December 1, the owner issued a company check for ₱250,000 to settle his personal loan from Union Bank. Revenues in 2021 totaled ₱305,000 and expenses amounted to ₱420,200. How much was owner’s capital as of December 31, 2021?
4.Owner Juana invested P100,000 to start her laundry business .During the first year of operations (2019), the company had a net income of P15,000. Juana invested additional P100,000 to grow the business.In 2020,the business earned P50,000.As of December31,2020,Juana’s capital balance is P200,000.How much isJuana’s withdrawal?
Taehyung started operating a service proprietorship on April 1, 2021 with an initial cash investment of P100,000. The business provided P58,500 of services in April and received full payment in May. The business incurred expenses of P20,300 in April which were paid in June. During May, Taehyung drew P4,300 against his capital account. What was the income to be reported for the 2 months ended May 2021 under cash basis?
Corp. open up a business with an investment of P50,300 on November 1, 2022 from his saving account to a business checking account and made payment for a small space month-rent, P20,000 and merchandise for presentation worth P20,000. During the operating month, the business incurred various expenses, P7,500 of which 25% remains to be paid next month. Mr. Hamon made all sales deposits directly to the bank and paid wages during the month amounting to P55,000 and P15,000, respectively. At the end of the month, a total of P3,250 for the water, electric and phone consumption bills were received but did not immediately pay it. At this point, the balance of business checking account increased to P43,200.How much is the November 30 Owner’s Equity balance if Mr. Hamon was able to withdraw cash during for the purchase of merchandise for trading amounting to P15,000?
4. Owner Juana invested P100,000 to start her laundry business. During the first year of operations (2016). the company had a net income of P15,000. Juana invested additional P100,000 to grow the business, In 2017. the business earned P50,000. As of December 31, 2017, Juana's capital balance is P200,000 How much is Juana's withdrawal?

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