Reference no: EM133028282
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
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