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Exercise 1 Analyze The Data Using The Expanded Accounting Equation and Give What Is Missing. Assets Liabilities Equity Capital Income

The document contains 4 exercises analyzing accounting data using the accounting equation. Exercise 1 provides accounting data for 5 periods including assets, liabilities, equity, capital, income and expenses. Exercise 2 provides similar data for 5 periods. Exercise 3 lists 10 transactions and indicates whether each would increase, decrease or have no effect on assets, liabilities and equity. Exercise 4 provides partial accounting data for 5 businesses and asks to compute the missing elements.

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136 views7 pages

Exercise 1 Analyze The Data Using The Expanded Accounting Equation and Give What Is Missing. Assets Liabilities Equity Capital Income

The document contains 4 exercises analyzing accounting data using the accounting equation. Exercise 1 provides accounting data for 5 periods including assets, liabilities, equity, capital, income and expenses. Exercise 2 provides similar data for 5 periods. Exercise 3 lists 10 transactions and indicates whether each would increase, decrease or have no effect on assets, liabilities and equity. Exercise 4 provides partial accounting data for 5 businesses and asks to compute the missing elements.

Uploaded by

Kate Garcia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Exercise 1

Analyze the data using the expanded accounting equation and give what is missing.

EQUITY
ASSETS LIABILITIES
CAPITAL INCOME
1 166,000 96,000 56,000 46,500
2 151,000 74,000 39,000 86,000
3 182,000 65,000 105,000 37,000
4 123,000 54,000 42,000 53,000
5 94,000 25,000 37,000 67,000

Exercise 2
ASSETS LIABILITIES OWNER'S EQUITY
1 760,000 360,000 400,000
2 860,000 268,000 592,000
3 868,000 108,000 760,000
4 626,000 376,240 250,360
5 900,000 800,000 100,000
at is missing.

TY
EXPENSES
32,500
48,000
25,000
26,000
35,000
Exercuse 3
Required:
Indicate whether the transaction signifies increase (I), decrease (D) or no effect (NE) to the accoun

The following are some transactions of Song Go Services:

No. Transactions Assests


1 Received a cash as additional investment I
2 Purchased supplies on account I
3 Charged customers for services made on account I
4 Rendered services to cash customers I
5 Paid cash for rent on building D
6 Collected cash from Accounts Receivable D&I
7 Paid cash for supplies D&I
8 Paid cash to owner for personal use D
9 Paid cash to settle Accounts Payable D
10 Paid cash to an employee for services rendered D
o effect (NE) to the accounting elements.

Liabilities Equity
NE I
I NE
NE I
NE I
NE D
NE NE
NE NE
NE D
D NE
NE D
Exercise 4

1
2
3
4
5
Compute the amount of the missing accounting elements (Assets, Liabilities and Owner's Equity):

Juan Dela Cruz pest control has assets P600,000 and Owner's Equity of P450,000
Maja Salbabida Realtors has Liabilities of P530,000 and Owner's Equity of P410,000
Marky Flores Plumbing Contractors has Assets of P473,000 and Liabilities of P153,700
Ryan Bang Barber Shop has Liabilities of p147,000 and Owner's Equity of P236,000
Fely Dance Studio has Assets of P624,000 and Libilities of P237,000
Element Amount
Liabilities 150,000
Assets 940,000
Owner's Equity 319,300
Assets 383,000
Owner's Equity 387,000

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