please solve both fast please

1. Directions: Read carefully the following situation and determine the Assets, Liabilities, and Score: Equality of this situation: The business was put up from a cash of P200,000, the initial capital of the owner. Then. P40,000 of the cash was used to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of $20,000. How much are the total assets of the business? (10 points) Solutions II. Directions: Determine the Income and Expenses of this situation: The business is a trading business. For the period, it purchased goods for sale valued at P100,000. The goods were all sold for a total price of P120,000. For the sale only 10% was received as down payment, 60% were later collected, and at the end of the year 30% are still for collection. How much is the business income? (10 points) Solutions