MAS(PROBLEMS)- Test Banks Questions AND ANSWERS

MAS(PROBLEMS)- Test Banks Questions 1. Based on the following, compute total owners' equity. Cash P 8,000 Total noncurrent liabilities P 0 Total assets P64,000 Retained earnings P16,000 Total contributed capital P12,000 Current liabilities P36,000 2. Based on the following, compute total noncurrent assets. Total current assets P600,000 Total current liabilities P240,000 Retained earnings P162,000 Total noncurrent liabilities P710,000 Total contributed capital P360,000 3. Based on the information provided, compute accrued wages payable at the end of 20X4. Accrued wages payable, beginning of 20X4 P 14,000 Wages expense for 20X4 P 45,000 Cash paid in 20X4 for wages P 42,500 Using the following data, find the missing items. Total assets, beginning of year . . . . . . . …………………………..P160 Total assets, end of year . . . . . . . . . . ……………………………..P240 Total liabilities, beginning of year . . . . ……………………………P120 Total owners' equity, end of year . . . . . . …………………………..P 60 Net income for year . . . . . . . . . . . ……………………………….. P 24 Additional investment during year . . . . . . …………………………P 16 Contributed capital, beginning of the year . ………………………P 30 4. Total owners' equity at the beginning of the year. 5. Total liabilities at the end of the year. 6. Retained earnings at the beginning of the year. 7. End-of-the-year retained earnings. 8. Dividends declared during the year. 9. Based on the following, compute total owners' equity.