DESCRIPTION: Bookkeeping and Accounting for Non-Accountant1,000,000+(-300,000) = 700,000.Now you can use the basic accounting equation to calculate total liabilities atthe end of the year:ACTIVITY:850,000 liabilities + 700,000850,000-700,000 = 150,000liabilities = 150,0007. Assets = Php 120,000, Liabilities = ?, Owner's equity = Php 55,0008. Assets ?, Liabilities = Php 65,000, Owner's equity = Php 150,0009. Assets Php 175,000, Liabilities = Php 35,000, Owner's equity = ?10. Assets = ?, Liabilities + Owner's equity = Php 1,155,980

The transactions of the business are based on accounting equation. The transactions are recorded in…

7. Assets Php 120,000, Liabilities = ?, Owner's equity = Php 55,000 8. Assets, Liabilities= Php 65,000, Owner's equity = Php 150,000 9. Assets Php 175,000, Liabilities= Php 35,000, Owner's equity = ? 10. Assets ?, Liabilities + Owner's equity = Php 1,155,980

7. Assets Php 120,000, Liabilities = ?, Owner's equity = Php 55,000 8. Assets, Liabilities= Php 65,000, Owner's equity = Php 150,000 9. Assets Php 175,000, Liabilities= Php 35,000, Owner's equity = ? 10. Assets ?, Liabilities + Owner's equity = Php 1,155,980

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

DESCRIPTION: Bookkeeping and Accounting for Non-Accountant
1,000,000+(-300,000) = 700,000.
Now you can use the basic accounting equation to calculate total liabilities at
the end of the year:
ACTIVITY:
850,000 liabilities + 700,000
850,000-700,000 = 150,000
liabilities = 150,000
7. Assets = Php 120,000, Liabilities = ?, Owner's equity = Php 55,000
8. Assets ?, Liabilities = Php 65,000, Owner's equity = Php 150,000
9. Assets Php 175,000, Liabilities = Php 35,000, Owner's equity = ?
10. Assets = ?, Liabilities + Owner's equity = Php 1,155,980

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