1. By the end of year 2021, Procopio's capital balance is P320,000. For the year 2021,...

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1. By the end of year 2021, Procopio's capital balance is P320,000. For the year 2021, the firm reported net income of P40,000 of which Procopio made a permanent withdrawal of P20,000 as his share of the income. How much was Procopio's capital balance at the beg of the year 2021? 2. At the beginning of the year, Cool Company's assets are P710,458 and its equity is P262,479. During the year, assets increased P77,822 and liabilities increased P53,298. What is the equity at the end of the year? 3. At the beginning of the year, Joke Company's liabilities equal P200,000. During the year, assets increase by P50,000, and at year-end assets equal P330,000. Liabilities decrease P35,000 during the year. What are the beginning and ending amounts of equity? 4. Assets amounted to P500,000. 35% of which is liabilities, how much must be the owner's equity? 5. Equity is P300,000. This represents 60% of the total assets. How much is the liability? 6. At the beginning of the year, total assets amounted to P1,200,000 while total owner's equity amounted to P350,000. During the year, assets increased by P60,000 while liabilities decreased by P20%. If the owner contributed P18,200 and withdrawn P8,020 during the year, how much is profit or loss earned or incurred by the entity? Indicate whether profit or loss. 7. The owner's equity at the beginning of the period was P100,000; at the end of the period, assets were P155,000 and liabilities were P59,000. If the owner made no additional investments or withdrawals during the period, did the business incur a net income or a net loss for the period? 8. What was the amount of the net income or net loss indicated in Question 7? 9. If total assets increased by P30,000 and liabilities increased by P20,000 during the period, the amount and direction (increase or decrease) of the period's change in owner's equity was 10. The owner's equity at the beginning of the period was P45,000; at the end of the period, assets were P140,000 and liabilities were P71,000. If the owner made no additional investments or withdrawals during the period, did the business incur a net income or a net loss for the period? 11. What was the amount of net income or net loss indicated in Question 10? 1. By the end of year 2021, Procopio's capital balance is P320,000. For the year 2021, the firm reported net income of P40,000 of which Procopio made a permanent withdrawal of P20,000 as his share of the income. How much was Procopio's capital balance at the beg of the year 2021? 2. At the beginning of the year, Cool Company's assets are P710,458 and its equity is P262,479. During the year, assets increased P77,822 and liabilities increased P53,298. What is the equity at the end of the year? 3. At the beginning of the year, Joke Company's liabilities equal P200,000. During the year, assets increase by P50,000, and at year-end assets equal P330,000. Liabilities decrease P35,000 during the year. What are the beginning and ending amounts of equity? 4. Assets amounted to P500,000. 35% of which is liabilities, how much must be the owner's equity? 5. Equity is P300,000. This represents 60% of the total assets. How much is the liability? 6. At the beginning of the year, total assets amounted to P1,200,000 while total owner's equity amounted to P350,000. During the year, assets increased by P60,000 while liabilities decreased by P20%. If the owner contributed P18,200 and withdrawn P8,020 during the year, how much is profit or loss earned or incurred by the entity? Indicate whether profit or loss. 7. The owner's equity at the beginning of the period was P100,000; at the end of the period, assets were P155,000 and liabilities were P59,000. If the owner made no additional investments or withdrawals during the period, did the business incur a net income or a net loss for the period? 8. What was the amount of the net income or net loss indicated in Question 7? 9. If total assets increased by P30,000 and liabilities increased by P20,000 during the period, the amount and direction (increase or decrease) of the period's change in owner's equity was 10. The owner's equity at the beginning of the period was P45,000; at the end of the period, assets were P140,000 and liabilities were P71,000. If the owner made no additional investments or withdrawals during the period, did the business incur a net income or a net loss for the period? 11. What was the amount of net income or net loss indicated in Question 10?

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Procopios Capital Balance at the Beginning of 2021 Procopios capital balance at the beginning of 2021 was P320000 Capital at the end of 2021 P20000 Pe... View the full answer