1-8 Change in Accounting Elements Mrs. Rizalina Justol made the following investments on Jan 1, 20A Cash in Bank-BDO P350,000 Office Equipment 120,000 At the end of the 1st quarter, total income earned and total expenses incurred by the business totaled to P180,000 and P95,000 respectively. Assuming that income and expenses were all accounted for cash and the incurrence of a liability of P50,000 was due to the acquisition of Office Furniture and Fixtures. Answer the following questions 1. How much was the owner's equity balance of Mrs. Justol at the beginning of the quarter? P470,000 C. P700,000 b. P650,000 d. P850,000 a. 2. How much was profit earned at the end of the quarter? P 85,000 C. P140,000 b. P135,000 d. P150,000 a. 3. How much was the total assets after considering the transactions for the quarter? a. P470,000 C. P605,000 b. P555,000 d. P700,000 4. How much was the calculated owner's equity balance of Mrs. Justol at the end of the quarter? a. P500,000 P605,000 b. P555,000 d. P700,000 C. + + 5. How will you state the owner's equity? A L a. P470,000 50,000 b. P555,000 50,000 c. P605,000 50,000 d. P700,000 50,000 + OE 420,000 505,000 555,000 650,000 + +