The beginning balances of an entity amounted to P4,000,000 and P2,200,000 for total assets and total liabilities, respectively. The assets increased to 120% of its beginning balance while the liabilities increased by 75%. The amount of loss was P1,100,000 and no withdrawals were made during the year. Determine the amount of contributions made during the year.

Q: 25. At the start of the period, a business has total assets of P500,000 and total liabilities of…

A: The accounting equation of the business states that the total equity and liabilities of the business…

Q: 7. During the year, a not-for-profit entity received $15,000 in dividends and $12,000 in interest…

A: Statement of activities- Report investment income (dividend/interest) and realized and unrealized…

Q: What is the total shareholders’ equity?

A: Shareholders’ equity is the amount of capital that has been used to finance the business. It…

Q: The following data were made available: December 31, 20PY December 31, 20CY Total Assets P1, 000,000…

A: Net income Net income which is considered to be the important part in the financial statement of…

Q: An entity reported the following information during the first year of operations: Pretax financial…

A: The income tax is calculated on the taxable income of the company. It is calculated by multiplying…

Q: The beginning capital balance is P301,000. At the end of the year, the results of operations showed…

A: Solution 1: The ending capital balance is  = Beginning Capital balance + Additional investment + Net…

Q: Pinaasa Company had total assets of P4,000,000 and shareholder’s equity of P2,080,000 at the…

A: Opening equity = P2,080,000 Change in assets = P520,000 Change in liabilities= P-820,000

Q: Presented below is an alphabetical list of account balances taken from the books of an entity at the…

A: Total Equity = Ordinary Share Capital + Share Premium- Ordinary + Preference Liability + Accumulated…

Q: The beginning net assets of a single proprietorship was P150,000. At the end of the year, the single…

A: In order to determine the Ending capital balance of the business organization, the net income is…

Q: The information below was taken from the records of the Piper Company for the year ended December…

A: Statement of cash flows is a statement which shows all cash inflows and cash outflows of the…

Q: At the beginning of the year, Quaker Company's liabilities equal to $45,000. During the year, assets…

A: As per Accounting equation:-    Assets = Liabilities + Equity

Q: amounted to P3,200,000 and P1,500,000 for total assets and total equity, respectively. Total…

A: Ans. Assets = Equity + Liabilities

Q: Chapter 5, page 344 and 349: EA12. 5.3 Using the following Balance Sheet summary information,…

A: For 2018: Working capital = Current assets - Current liabilities Working capital = $76,000 - $48,000…

Q: At the beginning of the year, a company's balance sheet reported the following balances Total Assets…

A: Net Income  = Revenues - expenses = $46900-30600 = $16,300

Q: 9. At the beginning of the year, an Entity had total assets of P700,000 and total liabilities of…

A: Ending total assets = beginning total assets + beginning total assets  x 30% = 700000 + 700000 x 30%…

Q: Financial statement information about five unrelated companies is as follows:     Company A…

A: Investment is an amount which is put in business as capital to carried it out. It can be in form of…

Q: At December 31, current assets amount to: Select one: a. $2,290 million b. None of these are…

A: Current assets are those assets which can be used within a year and can be converted into cash and…

Q: 2. WIilliam Corporation was formed and began business on August 1. It incurred the following…

A: Organization Expenditure: It is the cost incurred to form a corporation, partnership and it includes…

Q: 3. An entity reports total current assets of P3,000,000, total noncurrent assets of P7,000,000,…

A:

Q: The beginning balances of a sole proprietorship amounted to P3,000,000 and P1,200,000 for total…

A: The accounting equation helps to describe the transaction in accounting form. The equation proves…

Q: 53. If the liabilities of the entity are 1/3 of the total assets, assuming the equity balance is…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.

Q: An entity reported the following information during the first year of operations: Pretax financial…

A: The income tax expense is computed based on financial income. The difference between the actual…

Q: At January 1, year 1, a sole proprietorship's assets totaled 210,000, and its liabilities amounted…

A: Assets refers to what a company owes while liabilities is the amount which it owed to others. Assets…

Q: The following information relates to the Gates Corporation: Net assets, end of year…

A: The question is based on the concept of Financial Accounting.

Q: During the current year, estimated tax payments of P300,000 were charged to prepaid taxes. The…

A: 1. (3) Total Current Assets  550,000 + 1,650,000 + 300,000 2,500,000   2. (b) 700,000

Q: Campbell Corporation, an accrual basis calendar year corporation, had income of $450,000 for…

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: At the beginning of 2020, a business had total liabilities of P1,800,000 and P600,000 of equity.…

A: Total assets are the sum total of liabilities and equity. The investment made by partners and…

Q: An entity disclosed the following information at year-end: Accounts payable, net of debit balances…

A: Current liabilities seem to be the corporation's commitments that are due to be met during a year…

Q: An entity disclosed the following information at year-end:   Accounts payable, net of debit…

A: Current liabilities are present obligations and that will be settled within their operating cycle or…

Q: At the beginning of the year, an Entity had total assets of P700,000 and total liabilities of…

A: Equity is the total amount attributable to the owners of the business. It is calculated by deducting…

Q: An entity provided the following adjusted balances at year-end: Cash 550,000 Accounts receivable…

A: Shareholders equity comprises of share capital, share premium and retained earnings.

Q: An entity had the following transactions during the quarter ended March 31: Advertising costs of P2…

A: Fire insurance premium for quarter ended March 31, 2018 = fire insurance premium for calendar year…

Q: Entity A had total assets, liabilities, and equity of ₱150M, ₱90M and ₱60M, respectively, at the…

A: According to the accounting equation, the firm's total assets equaled the sum of its own liabilities…

Q: The year-end balance sheet of Star Inc. shows total assets of $12,407 million, operating assets of…

A: Formula: Net operating Assets =  operating assets  - operating liabilities

Q: An entity reports profit of P1,000,000 for the year ended December 31, 20x1. The entity's financial…

A:

Q: An entity provided the following adjusted balances at year-end: Cash 550,000 Accounts receivable…

A: Current Assets - It refers to the assets which can be converted into cash within a year. Example-…

Q: An entity had the following transactions during the quarter ended March 31: Advertising costs of P2…

A: Solution: total amount to be recognized in the entity’s profit or loss = Advertising costs + typhoon…

Q: 11. If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were…

A: "Since you have asked multiple questions, we will solve only first question for you. If you want any…

Q: During Year 1, China Enterprises experienced the following events. (1) Earned $13,400 of revenue on…

A: We will use the concept of accounting equation here. The accounting equation states that a company’s…

Q: D. An entity reported the following information during the first year of operations: Pretax…

A: Calculation of Taxable Income: Pretax Financial Income as per books…

Q: The balance sheet as of December 31, 20x2 contained the following: Assets…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: An entity had the following transactions during the quarter ended March 31: Advertising costs of P2…

A: Fire insurance premium for quarter ended March 31, 2018 = fire insurance premium for calendar year…

Q: 10) During the current year, The Supply Co. Inc.'s total liabilities decreased by $26,700 and…

A: Lets understand the basics. As per balance sheet equation, change in in asset is always equal to…

Q: Black Company has beginning total assets of P200 million and ending liabilities of P110 million.…

A: An owner does withdraw from the business for personal use.