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How much is the amount of its total assets

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Q1. The total liabilities of BROWN enterprise are P987,560 representing one-fourth of the total equity. How much is the amount of its total assets?

Q2. At the beginning of the quarter, GRAY company had total assets of P456,972 and total liabilities of P123,456. the total assets increased by P52,966 and the total liabilities decreased by P75,985 during the quarter. What is the amount of the owner's equity at the end of the quarter?

Q3. WHITE Company began operations on January 1, 2021 with P1,000,000 from the issuance of shares borrowed funds of P450,000. Net income for 2021 was P300,000 and WHITE paid a P225,000 cash dividend on December 18, 2021. No additional transactions affected owners' equity in 2021. On December 31, 2021, liabilities of the company increased to P597,000. In its statement of financial position, how much should be reported by WHITE as its total assets?

Reference no: EM133118837

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