Question 25 2 pts On June 30 of the current year, the assets and liabilities of the company are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, 650; Equipment, P12,000; Accounts Payable, $9,300. How much is the owner's equity as at July 1 of the current year? Question 26 2 pts At the beginning of the year, a sole proprietor had liabilities of $100,000 and owner's equity of $96,000. Assets increased by $40,000 and liabilities decreased by $30,000. How much is the owner's equity at the end of the year? Question 27 A company's owner made investments of $70,000 and withdrawals of $20,000. The company has revenues of $85,000 and expenses of $64,000. How much is the net profit? Question 28 A sole proprietor revealed the following information: Assets Liabilities Equity January 1, 2021 ? P150,000 P110,000 Assets Liabilities Equity December 31, 2021 ? P160,000 2 pts At the end of the year, the assets increased to a final amount of $300,000. How much is the equity on December 31, 2021? 2 pts Question 29 A company has the following account balances: Cash, $80,000 Accounts receivable, P100,000 Office equipment, $200,000 Trucks, P700,000 Furniture, P120,000 Accounts payable, $70,000 Notes payable, $350,000 Owner's Capital, P780,000 How much is the non-current assets? 2 pts Question 30 A company's Statement of Financial Position shows: cash P24,000, accounts receivable $30,000, equipment P50,000, and equity $72,000. How much is the liabilities? Question 31 A company has the following account balances at the end of the period: Fees Income, $230,000 Interest Income, $20,000 Accrued Income, $50,000 Rent Expense, $80,000 Prepaid Expense, $10,000 Salaries Expense, $75,000 Utilities Expense, $30,000 2 pts How much is the total revenues? 2 pts Question 32 A company reported total equity of P145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. Liabilities at the end of the year totaled $92,000. How much is the total assets of the company at the end of the year? Question 33 A company has the following account balances at the end of the period: Fees Income, $230,000 Interest Income, $25,000 Accrued Income, $50,000 Rent Expense, P80,000 Prepaid Expense, $10,000 Salaries Expense, $75,000 Utilities Expense, P30,000 2 pts How much is the total expenses? 2 pts NOTE: The last 3 Problem Solving items are based on the same information. Question 34 A company has the following account balances at year-end: Accounts payable, $40,000 Accounts receivable, P150,000 2 pts Cash, P110,000 Furniture and fixtures, P75,000 Notes payable to be paid after 2 years, P200,000 Notes receivable to be collected after 6 months, P100,000 Office equipment, $135,000 Office supplies, $18,000 Rent payable, $80,000 Service revenue, $330,000 Unearned revenue, P35,000 Vehicle, P350,000 How much current liabilities should the company present in its Statement of Financial Position at year-end? Question 35 A company has the following account balances at year-end: Accounts payable, $40,000 Accounts receivable, $150,000 2 pts Cash, P110,000 Furniture and fixtures, $75,000 Notes payable - to be paid after 2 years, P200,000 Notes receivable - to be collected after 6 months, $100,000 Office equipment, $135,000 Office supplies, $18,000 Rent payable, P80,000 Service revenue, $330,000 Unearned revenue, P35,000 Vehicle, $350,000 How much non-current assets should the present include in its Statement of Financial Position at year-end? Question 36 A company has the following account balances at year-end: Accounts payable, $40,000 Accounts receivable, P150,000 Cash, P110,000 Furniture and fixtures, P75,000 Notes payable - to be paid after 2 years, $200,000 Notes receivable to be collected after 6 months, $100,000 2 pts Office equipment, $135,000 Office supplies, $18,000 Rent payable, $80,000 Service revenue, $330,000 Unearned revenue, P35,000 Vehicle, P350,000 How much current assets should the company present in its Statement of Financial Position at year-end?