ACTIVITY 1:
Computation of total assets, total liabilities and equity using the accounting equation.
segments as the
lessons in subsequent units progress.)
Write your thoughts on the space provided. (Note: This activity will be continued in
assLearning is Fun Company had current assets amounting to Php 100,000. Noncurrent
assets for the year totaled Php 76,000. How much is the company's total assets?
2. Happy Selling Company's total liabilities amounted Php 10,000. Total equity had an
ending balance of Php 20,000. How much is total assets?
3. Happy Selling's had the following accounts at year end: Cash-250,000, Accounts
Payable-70,000, Prepaid Expense-15,000. Compute for the company's current assets.
4. Happy Selling's Accounts Receivable amounted to Php 500,000. Prepaid Expense and
Unearned Income totaled Php 30,000 and Php 10,000 respectively. Cash balance
amounted to Php 100,000 while Accounts Payable and Inventory totaled to Php 20,000
5. Company's Total Liabilities and Equity amounted to Php 285,000. Total noncurrent
assets ended at Php 85,000. Cash totaled Php50,000. Inventory amounted to
Php100,000. Assuming the company had no other assets, how much is Accounts
and Php 10,000 respectively. How much is the current assets? Current
liabilities?
Receivable?​