Problem #1 Elements of Financial Statements a. Using the accounting equation, complete the following table: Assets Liabilities Equity 1. P457,000 P270,000 2. P1,006,000 P500,000 3. P309,000 P120,000 4. P756,000 P451,000 5. P895,000 P148,000 6. P668,000 P222,000 b. The following figures are extracted from various sole proprietorships. Using the expanded accounting equation, complete the following table: Assets Liabilities Equity Capital Income Expenses P32,500 1. P96,000 P56,000 P46,500 2. P86,000 P37,000 P48,000 P25,500 P151,000 P39,000 3. P182,000 P65,000 P123,000 P26,000 P54,000 P25,000 4. P42,000 5. P94,000 P37,000 P67,500 Problem #2 Transactions in a Completed Worksheet Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory, established the AA Tutorial Services. On May 1, 2020, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Notes Payable Office Alcala, Capital +70,000 Cash Accounts Accounts Receivable Equipment Payable +70,000 -45,000 1. 2. +45,000 +30,000 3. +10,000 +20,000 +18,000 +18,000 -5,000 +7,000 4. 5. -5,000 +7,000 -10,000 6. 7. -10,000 8. +15,000 -7,000 -15,000 9. -7,000 Required: 1. Describe each of the above transactions 2. If these transactions represent the operations of AA Tutorial Services during the month of May, what was the amount of profit or loss before depreciation?
Problem #1 Elements of Financial Statements a. Using the accounting equation, complete the following table: Assets Liabilities Equity 1. P457,000 P270,000 2. P1,006,000 P500,000 3. P309,000 P120,000 4. P756,000 P451,000 5. P895,000 P148,000 6. P668,000 P222,000 b. The following figures are extracted from various sole proprietorships. Using the expanded accounting equation, complete the following table: Assets Liabilities Equity Capital Income Expenses P32,500 1. P96,000 P56,000 P46,500 2. P86,000 P37,000 P48,000 P25,500 P151,000 P39,000 3. P182,000 P65,000 P123,000 P26,000 P54,000 P25,000 4. P42,000 5. P94,000 P37,000 P67,500 Problem #2 Transactions in a Completed Worksheet Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory, established the AA Tutorial Services. On May 1, 2020, she contributed P70,000 as investment to start the business. During the month, she entered into several transactions. Note that she made no withdrawals during the month. The following is the transaction worksheet prepared by her student-assistant: Notes Payable Office Alcala, Capital +70,000 Cash Accounts Accounts Receivable Equipment Payable +70,000 -45,000 1. 2. +45,000 +30,000 3. +10,000 +20,000 +18,000 +18,000 -5,000 +7,000 4. 5. -5,000 +7,000 -10,000 6. 7. -10,000 8. +15,000 -7,000 -15,000 9. -7,000 Required: 1. Describe each of the above transactions 2. If these transactions represent the operations of AA Tutorial Services during the month of May, what was the amount of profit or loss before depreciation?
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 1.8E: Classification of Financial Statement Items Classify each of the following items according to (1)...
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