Problem #2 Elements of Financial Statements 1. Using the accounting equation, complete the following table: Equity Liabilities P270,000 Assets P457,000 1 9n,009 P500,000 P120,000 P1,005,000 P451,000 P309,000 P756,000 P895,000 P148,000 P222,000 P668,000 2. The following figures are extracted from various sole proprietorships. Using the expanded accounting equation, complete the following table: Assets Liabilities Capital Equity P96,000 P56,000 Income P39,000 P46,500 Expenses P151,000 P182,000 P65,000 P86,000 P32,500 C. P123,000 P54,000 P37,000 P48,000 P42,000 P94,000 P25,000 P37,000 P25,500 P67,500 P26,000Problem #3A Elements of Financial Statements Assets .Liabilities Owner's Equity 760,000 360,000 460700 9 b. 860,000 2047060 592,000 2 17900 108,000 760,000 626,600 376,240 800,000 (100,000) Required: Fill in the amount of the missing element of financial position. Problem #3B a. Jimmy Delgado Pest Control has assets of P600,000 and owner's equity of P450,000. b. Margie Clavano Realtors has liabilities of P530,000 and owner's equity of P410,000. c. Marko Fuentes Plumbing Contractor has assets of P473,000 and liabilities of P153,700. d. Ryan Morales Acting Studio has liabilities of P147,000 and owner's equity of P236,500. Fely Monarca Dance has assets of P624,000 and liabilities of P237,000. Required: Compute the amount of the missing element of financial position. Problem #3C a. At the beginning of the year, the assets of Cleofe Arib Services were P360,000 and its owner's equity was P200,000. During the year, assets increased by P120,090 and liabilities increased by P20,000. What was the owner's equity at the end of the year? b. At the beginning of the year, Cora Gabayan Calling Station had liabilities of P100,000 and owner's equity of P96,000. If assets increased by P40,000 and liabilities decreased by P30,000, what was the owner's equity at the end of the year? C. The liabilities of Lenore Loqueloque Stylist equal one-third of the total assets, and the owner's equity is P240,000. What is the amount of the liabilities? Required: Use the accounting equation to answer each of the questions above.Problem #4 Transaction Effects on the Basic Accounting Model The following are some transactions of Maricel Supan Services: A OE Received cash as additional investment. b. Purchased supplies on account. Charged customers for services made on account. Rendered services to cash customers. e. Paid cash for rent on building. Collected on account receivable in full. Paid cash for supplies. h. Returned supplies purchased on account. L Paid cash to settle accounts. Paid cash to owner for personal use. Required: 1 1 1 1H1 1 1 1 For each transaction, indicate whether the assets (A), liabilities (L) or owner's equity (DE] increased (+), decreased (-] or did not change (0) by placing the appropriate sign in the appropriate column.Problem #5 Owner's Equity Transactions wake laumenit to morela femmefa mom -hotels!l Received cash for rendering services. 1 5. Ou) b. Withdrew cash for personal expenses. c.Received cash from a customer who have been rendered service on account.air d. Transferred personal assets to the business. E e. Paid a service station for gasoline for a business service vehicle. t: f. Performed a service and received a promise of payment. E g- Paid cash to acquire equipment. h. Paid cash to an employee for services rendered. Required: Identify the foregoing transactions by identifying each as either one of the following: owner's investment (Ol), owner's withdrawal (OW), income (1), expense (E) or not an owner's equity transaction (NO)