FOCUS ON PERSONAL FINANCE LL/ACCESS >BI
6th Edition
ISBN: 9781260529326
Author: Kapoor
Publisher: McGraw-Hill Publishing Co.
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Chapter 2, Problem 4P
a)
Summary Introduction
To determine: The amount of net worth.
b)
Summary Introduction
To determine: The amount of liabilities.
c)
Summary Introduction
To determine: The amount of net worth.
d)
Summary Introduction
To determine: The amount of assets.
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Calculate the missing value (in $) according to the accounting equation.
Assets
Liabilities
Owner's Equity
$15,808,000
$8,338,500
$
For each independent situation below, calculate the missing values.
Assets
-
Liabilities
=
Owner'sEquity
$31,000
$20,000
$fill in the blank 1
$172,000
$fill in the blank 2
$149,100
$18,000
$16,200
$fill in the blank 3
$fill in the blank 4
$236,000
$326,000
$384,000
$fill in the blank 5
$131,100
3. A business has Cash of P30,000, Notes Payable of P25,000, Accounts Payable of P43,000, Service Revenue of P70,000, and Rent Expense of P18,000. on the basis of these data, how much are its total liabilities?
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FOCUS ON PERSONAL FINANCE LL/ACCESS >BI
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Similar questions
- Use the expanded accounting equation to compute the missing financial statement amounts. Company Assets = Liabilities + Owner, Capital − Owner, Withdrawals + Revenues − Expenses 1 $76,000 = $25,000 + $38,000 − $0 + − $17,000 2 $114,200 = $41,000 + $62,000 − + $42,000 − $27,000arrow_forwardDetermine the missing amount for each of the following: Assets = Liabilities + Owner's equity a. x = $556,000 + $3,374,000 b. $6,111,200 = x + $5,725,000 c. $2,150,000 = $812,500 + xarrow_forwardWhich of the following transactions changes only the mix of assets and does not affect liabilities or stockholders’ equity? A. Borrowed $40,000 from First National Bank B. Purchased land for $50,000 cash C. Received $3,800 for fees earned D. Paid $4,000 for Office salariesarrow_forward
- Q2. If revenue was $450,000, expenses were $370,000 and dividends were $5,000, the amount of net income or net loss would be: A, $45, 000 net income B. $7,500 net income C. $7,500 net loss D. $8,000 net incomearrow_forwardIf assets are $900,000, capital $500,000, then using the basic accounting equation what is liability? Select one: a. $400,000 b. $500,000 c. $900,000 d. $1,400,000arrow_forward1) What is the Net Income in the Income Statement at the year-end? a) $81,500 b) $79,500 c) None of the above d) $88,500 What is the Total Expense in the Income Statement at the year-end? a) 16,300 b) $17,500 c) $95,000 d) 15,500 3. What is the Total End Retained Earnings in the Financial Statement at the year-end? a) $16,000 b) $63,500 c) $0 d) $79,500arrow_forward
- If revenue was P45,000, expenses were 37,500, and the owner's equity withdrawals were 10,000, the amount of net income or net loss was choices: a.P45,000 net income b.P7,500 net income c.P37,500 net loss d.P2,500 net lossarrow_forwardDetermine the missing amount for each of the following: Assets = Liabilities + Owner's Equity a. $fill in the blank 1 = $556,000 + $3,374,000 b. $6,111,200 = $fill in the blank 2 + $5,725,000 c. $2,150,000 = $812,500 + $fill in the blank 3arrow_forward1. If total assets is P 50,000 and 2/3 of which is total liabilities, how much is the equity? 2. If total assets is P 87,750 and it is 135% of equity, how much is the total liabilities? 3. If total liabilities is twice the amount of equity and equity is P 46,000, how much is the totalassets? 4. If equity is 4/5 of liabilities and total assets is P 90,000, how much is the total liabilities? 5. If total liabilities is 60% of assets, equity is what percent of liabilities? 6. If total assets is four times the amount of equity, total liabilities is what percent of assets? 7. If loss is P 56,000 and Income is 88,000, how much is the total expenses? 8. If total expenses is 120% of income, and income is P 85,000, how much is the profit or loss? 9. If beginning and ending equity is P 67,000 and P 88,000, respectively, how much is the total expenses if income is P 71,000, assuming there are no other transactions that affected equity? 10. Beginning total assets and total liabilities were P 40,000…arrow_forward
- An asset was purchased for RO 1,000 by making a cash payment of RO 200 while the remaining amount is on account. What would be the effect on total assets and total liabilities of the business? a. Assets decreased by RO 800 and liabilities decreased by RO 800 b. Assets increased by RO 800 and liabilities increased by RO 800 c. Assets decreased by RO 800 and liabilities increased by RO 800 d. Assets increased by RO 800 and liabilities decreased by RO 800arrow_forwardThe worksheet of Entity A shows the following amount. How much is the net income/(net loss)? a. P 252,000 b. (P 252,000) c. P 155,000 d. P 121,000arrow_forwardFor the two independent cases that follow, determine the missing amount for each letter. (Hint: You might not be able to calculate them in the order in which they appear.) Case 1 Case 2 Revenues $114,700 $Enter a dollar amount. E Expenses Enter a dollar amount. A 165,000 Net earnings 39,800 78,400 Dividends declared Enter a dollar amount. B 19,900 Retained earnings: Beginning of year 269,000 337,700 End of year 297,800 Enter a dollar amount. F Total assets: Beginning of year 378,700 599,500 End of year Enter a dollar amount. C 747,250 Total Liabilities: Beginning of year 8,400 214,100 End of year 407,400 279,500 Common shares: Beginning of year 101,300 47,700 End of year 151,950 Enter a dollar amount. G Proceeds from common shares issued during the year Enter a dollar amount.…arrow_forward
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