SET A - At the beginning of the year, Gilas Company had the total assets of P2,000,000 and a total liabilities of P500,000. Answer the following questions: 1. If the total assets increased by P300,000 during the year and total liabilities decreased by P120,000, what is the amount of owners' equity at the end of the year? 2. During the year, total liabilities increased by P200,000, and owner's equity decreased by P140,000. What is the amount of total assets at the end of the year? 3. If total assets decreased by P160,000 and owner's equity increased by P200,000 during the year, what is the amount of total liabilities at the end of the year?
SET A - At the beginning of the year, Gilas Company had the total assets of P2,000,000 and a total liabilities of P500,000. Answer the following questions: 1. If the total assets increased by P300,000 during the year and total liabilities decreased by P120,000, what is the amount of owners' equity at the end of the year? 2. During the year, total liabilities increased by P200,000, and owner's equity decreased by P140,000. What is the amount of total assets at the end of the year? 3. If total assets decreased by P160,000 and owner's equity increased by P200,000 during the year, what is the amount of total liabilities at the end of the year?
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter15: Capital Investment Analysis
Section: Chapter Questions
Problem 15.2.1MBA
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