Answer the following questions (Use the accounting equation) a. MM Company has net assets of P123,000...

 

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Answer the following questions (Use the accounting equation) a. MM Company has net assets of P123,000 after liabilities of P53,000 at the end of the year. What is MM's equity at year-end? b. At the beginning of the year, NN Company's assets were P200,000 and its equity was P150,000. During the year, assets increased by P70,000 and liabilities increased by P30,000. What is the liabilities of NN at the end of the year? c. At the beginning of the year, CC's liabilities equal P60,000. During the year, assets increased by P80,000, and at year-end assets equal P180,000. Liabilities decreased by P10,000 during the year. What are the beginning and ending amounts pd CC's equity? 2. Answer the following questions a. BB has assets equal to P6,150,000 and liabilities equal to P2,650,000. Before the year ended cash was borrowed from the bank amounting to P1,500,000 half of which was used to buy equipment and the other half to pay for the liabilities which were already past due. What is the total equity of BB at year- end? b. At the beginning of the year, DD's assets are P2,200,00 and its equity is P1,150,000. During the year, assets increased by P700,000 and liabilities increased by P300,000. What is the equity at the end of the increased by P800,000, and at year-end assets are equal to P2,180,000. Liabilities decreased by P100,000 during the year. What are the beginning and ending amounts of equity? Answer the following questions (Use the accounting equation) a. MM Company has net assets of P123,000 after liabilities of P53,000 at the end of the year. What is MM's equity at year-end? b. At the beginning of the year, NN Company's assets were P200,000 and its equity was P150,000. During the year, assets increased by P70,000 and liabilities increased by P30,000. What is the liabilities of NN at the end of the year? c. At the beginning of the year, CC's liabilities equal P60,000. During the year, assets increased by P80,000, and at year-end assets equal P180,000. Liabilities decreased by P10,000 during the year. What are the beginning and ending amounts pd CC's equity? 2. Answer the following questions a. BB has assets equal to P6,150,000 and liabilities equal to P2,650,000. Before the year ended cash was borrowed from the bank amounting to P1,500,000 half of which was used to buy equipment and the other half to pay for the liabilities which were already past due. What is the total equity of BB at year- end? b. At the beginning of the year, DD's assets are P2,200,00 and its equity is P1,150,000. During the year, assets increased by P700,000 and liabilities increased by P300,000. What is the equity at the end of the increased by P800,000, and at year-end assets are equal to P2,180,000. Liabilities decreased by P100,000 during the year. What are the beginning and ending amounts of equity?

Answer rating: 100% (QA)

a The accounting equation is Assets Liabilities Equity Given Net assets P123000 Liabilities P53000 To find the equity we rearrange the accounting equation Equity Assets Liabilities Since net assets ar... View the full answer