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Consider the following transactions: Owners invested P3,000 cash to begin the business Il Provided services for cash, P2,500 Ill Provided services on account, P4,000 IV Paid cash for expenses, P3,500 How much cash does the business have? a. P2,000 C. P4,000 b. P3,000 d. P6,000 Beginning and ending Accounts Receivable balances were P28,000 and P24,000 respectively. If collections from clients during the period were P80,000, then total services rendered on account were apparently a. P76,000 C. P104,000 b. P84,000 d. P108,000 At October 1, 2008, Deet Industries had an accounts payable balance of P30,000 During the month, the company made purchases on account of P25,000 and made payments on account of P40,000. At October 31, 2008, the accounts payable balance is a. P30,000 C. P15,000 b. P10,000 d. P40,000 If equity is P300,000 and liabilities are P192,000, then assets equal: a. P108,000 b. P492,000 C. P192,000 d. P792,000 e. P300,000 If total liabilities are P22,000 and owner's equity is P17,000, the total assets must be a. P39,000 C. P5,000 b. P20.000 d. P17,000During the current year, the assets of Chadwick's increased by P382,000, and the liabilities increased by P240,000. The owners' equity in the business must have: a. Decreased by P142,000 C. Decreased by P622,000 b. Increased by P142,000 d. Increased by P622,000 At the end of the current year, the owners' equity in Henderson Co .is P370,000. During the year the assets of the business had increased by P78,000, and the liabilities had increased by P128,000. Owners' equity at the beginning of the year must have been: a. P420,000 C. P320,000 b. P576,000 d. P164,000 Consider the following transactions: Borrowed cash on a note payable, P50,000 Il Provided services on account, P6,000 Ill Received cash from a customer as payment on account, P2,000 IV Received a utility bill, P500 Total assets would be: a. P52,000 C. P56,000 b. P58,000 d. P58,500 onsider the following transactions: I Borrowed cash on a note payable, P50,000 I Provided services on account, P6,000 Ill Received cash from a customer as payment on account, P2,000 IV Received a utility bill, P500 Total liabilities would be: a. P500 C. P50,500 b. P50,000 d. P58,500If total assets decreased by P47,000 during a period of time and stockholders' equity increased by P24,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is a. P23,000 increase c. P47,000 decrease b. P71,000 decrease d. P71,000 increase At the beginning of the period assets were P400,000 and stockholders' equity was P150,000. During the year assets increased by P30,000, liabilities increased by P50,000, and stockholders' equity was unchanged. Beginning liabilities must have been: a. P230,000 C. P250,000 b. P280,000 d. P300,000 If total assets are P20,000 and total liabilities are P8,000, Capital must equal: a. P12,000. C. P28,000. b. P8,000. d. P20,000. If total assets equal P180,000 and total liabilities equal P135,000, the total owners' equity must equal: a. P 315,000. b. P 45,000. c. Can not be determined from the information given. d. Some other amount. If total liabilities are P3,000 and total assets are P10,000, owner's equity must be: a. P7,000. C. P3,000. b. P10,000. d. P13,000.During the current year, liabilities of Angelino's Store increased by P210,000, and owners' equity increased by P140,000. a. Assets at the end of the year total P350,000. b. Assets at the end of the year total P70,000. C. Assets increased during the year by P350,000. d. Assets decreased during the year by P70,000. If the liabilities of a business increased P75,000 during a period of time and the owner's equity in the business decreased P30,000 during the same period, the assets of the business must have: a. Decreased P105,000. b. Increased P45,000. C. Decreased P45,000. d. Increased P105,000. e. Increased P30,000. If the liabilities of a company increased P74,000 during a period of time and equity in the company decreased P19,000 during the same period, what was the effect on the assets? a. Assets would have increased P55,000. c. Assets would have decreased P55,000. b. Assets would have increased P19,000. d. Assets would have decreased P19,000 During the current year, liabilities of Nagol Travel decreased by P40,000, and owners' equity increased by P65,000. a. Assets at the end of the year total P105,000 b. Assets at the end of the year total P25,000. C. Assets increased during the year by P25,000. d. Assets decreased during the year by P105,000