Prepare a balance sheet for jake car rental agency

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Questions -

Q1. On January 1, the assets were P500,000 and the liabilities were P200,000. During the year the assets increased by P100,000 and the liabilities decreased by P50,000. Owner's equity on December 31 was:

a. P300,000 b. P350,000 c. P250,000 d. P450,000

Q2. From the following information, prepare a balance sheet as of December 31, 2006 for Jake's Car Rental Agency owned and operated by Jake Reyes.

Cash deposited in the name of Jake's Car Rental Agency P 17,500

Savings account of Jake Reyes 20,000

Office Furniture and Fixture 14,500

Residential House and Lot of Jake Reyes 550,000

Salaries payable to employees 4,000

Mortgage Payable on residential house and lot 96,000

Accounts Payable for overhauling of cars 6,000

Unpaid household bills 2,500

Cars 2,500,000

Car Garage 30,000

Reference no: EM133028282

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