PROBLEM 11

SECTION: SCORE: PROFESSOR: Problem #11 The following financial information is known about these unrelated entities: Neo Aglugub Benedicta Cumagun Beatriz Onate Placido Tuddao Dec 31, 2019 Assets Liabilities P450,000 235,000 P350,000 225,000 P290,000 140,000 P800,000 380,000 Dec 31, 2020: Assets Liabilities 480,000 ? 410,000 275,000 7 190,000 1,250,000 640,000 During 2020: Add'l Investments Profit Withdrawals 50,000 75,000 25,000 15,000 ? 30,000 77,500 90,000 38,750 ? 120,000 0 Required: 1. Refer to Neo Aglugub: a. What's the owner's equity as at Dec 31, 2019? b. What's the owner's equity as at Dec. 31, 2020? What's the amount of liabilities as at Dec. 31, 2020? 2. Refer to Benedicta Cumagun: a. What's the owner's equity as at Dec 31, 2019? b. What's the owner's equity as at Dec 31, 2020? C. What's the profit for 2020? 3. What's the amount of assets owned by Beatriz Onate as at Dec 31, 2020? 4. What's the amount of additional investments in Placido Tuddao made during 2020