Problem #2A Income and Expenses Computation of Profit/Loss

Income Expenses Profit (Loss) Profit = Income – Expense

a. 840,000 480,000 360,000
b. 2,400,000 1,860,000 540,000 Computation of Income
c. 1,300,000 860,000 440,000 Income = Profit (Gross) + Expenses
d. 2,720,000 2,000,000 720,000
e. 1,400,000 1,800,000 -400,000 Computation of Expense
Expense = Income - Profit
Problem #2B
Income Expenses Profit (Loss)
a. 325,000 237,000 88,000
b. 205,000 163,000 42,000
c. 125,500 153,000 -27,500
d. 737,000 569,000 168,000
e. 362,000 382,000 -20,000

Problem #3A:Elements of Financial Statements

Assets Liabilities Owner's Equity
a. 760,000 360,000 400,000 Assets = Liabilities + OE
b. 860,000 268,000 592,000 Liabilities = Assets - OE
c. 868,000 108,000 760,000 OE = Assets - Liabilities
d. 626,600 376,240 250,360
e. 700,000 800,000 -100,000

Problem #3B
Assets Liabilities Owner's Equity
a. 600,000 150,000 450,000
b. 940,000 530,000 410,000
c. 473,000 153,700 319,300
d. 383,500 147,000 236,500
e. 624,000 237,000 387,000

Problem #3C
a. Assets Liabilities Owner's Equity
360,000 200,000
120,000 20,000 260,000
480,000 20000 460000
480000
b. Assets Liabilities Owner's Equity
100,000 96,000
 40,000 -30,000 -126,000
40,000 70,000 -30,000
40,000
c. Assets Liabilities Owner's Equity
240,000

a. Asset 360,000
120,000
Total Assets 480,000

Liabilities 20,000
Total Liabilities 20,000

Owner's Equit 200,000

Total Owner's Equity 200,000

Total Liabilities and Owner's 220,000

Owner's Equity at Beginning 200,000

b.

c. Asset 720000

Liabilities 240000

Owner's Equit 240,000

 (Profit na makukuha ng business sa huli after deducting expenses)

(Income after deducting all the expenses)

Gross) + Expenses