Answered

TEST II: TEST YOUR UNDERSTANDING

Instruction: Find the missing amount. (1 pt. each)

\begin{tabular}{|c|c|c|}
\hline
Assets (PHP) & Liabilities (PHP) & Owner's Equity (PHP) \\
\hline
453,000 & 130,000 & \\
\hline
796,000 & 567,000 & 250,000 \\
\hline
878,000 & 534,000 & 506,000 \\
\hline
753,000 & 356,000 & 533,000 \\
\hline
[tex]$1,635,000$[/tex] & & [tex]$1,130,000$[/tex] \\
\hline
[tex]$3,000,000$[/tex] & 111,000 & \\
\hline
[tex]$3,653,000$[/tex] & & [tex]$1,005,000$[/tex] \\
\hline
& [tex]$1,312,000$[/tex] & \\
\hline
& & \\
\hline
\end{tabular}



Answer :

Let's approach each row individually to find the missing amounts using the basic accounting equation:

[tex]\[ \text{Assets} = \text{Liabilities} + \text{Owner's Equity} \][/tex]

1. For the first row:
- Assets = 453,000 PHP
- Liabilities = 130,000 PHP
- Owner's Equity = ?

Using the equation:
[tex]\[ \text{Owner's Equity} = \text{Assets} - \text{Liabilities} = 453,000 - 130,000 = 323,000 \text{ PHP} \][/tex]

2. For the second row:
- Assets = 796,000 PHP
- Liabilities = 567,000 PHP
- Owner's Equity = 250,000 PHP

No missing amounts here.

3. For the third row:
- Assets = 878,000 PHP
- Liabilities = 534,000 PHP
- Owner's Equity = 506,000 PHP

No missing amounts here.

4. For the fourth row:
- Assets = 753,000 PHP
- Liabilities = 356,000 PHP
- Owner's Equity = 533,000 PHP

No missing amounts here.

5. For the fifth row:
- Assets = 1,635,000 PHP
- Liabilities = ?
- Owner's Equity = 1,130,000 PHP

Using the equation:
[tex]\[ \text{Liabilities} = \text{Assets} - \text{Owner's Equity} = 1,635,000 - 1,130,000 = 505,000 \text{ PHP} \][/tex]

6. For the sixth row:
- Assets = 3,000,000 PHP
- Liabilities = 111,000 PHP
- Owner's Equity = ?

Using the equation:
[tex]\[ \text{Owner's Equity} = \text{Assets} - \text{Liabilities} = 3,000,000 - 111,000 = 2,889,000 \text{ PHP} \][/tex]

7. For the seventh row:
- Assets = 3,653,000 PHP
- Liabilities = ?
- Owner's Equity = 1,005,000 PHP

Using the equation:
[tex]\[ \text{Liabilities} = \text{Assets} - \text{Owner's Equity} = 3,653,000 - 1,005,000 = 2,648,000 \text{ PHP} \][/tex]

8. For the eighth row:
- Assets = ?
- Liabilities = 1,312,000 PHP
- Owner's Equity = ?

Since both Assets and Owner's Equity are missing, and we do not have enough information to determine the missing amounts from this equation alone, these values remain unknown.

9. For the ninth row:
- Assets = ?
- Liabilities = ?
- Owner's Equity = ?

Without any values, all amounts remain unknown.

Combining all these results, we have:

[tex]\[ \begin{array}{|c|c|c|} \hline \text{Assets (PHP)} & \text{Liabilities (PHP)} & \text{Owner's Equity (PHP)} \\ \hline 453,000 & 130,000 & 323,000 \\ \hline 796,000 & 567,000 & 250,000 \\ \hline 878,000 & 534,000 & 506,000 \\ \hline 753,000 & 356,000 & 533,000 \\ \hline 1,635,000 & 505,000 & 1,130,000 \\ \hline 3,000,000 & 111,000 & 2,889,000 \\ \hline 3,653,000 & 2,648,000 & 1,005,000 \\ \hline & 1,312,000 & \\ \hline & & \\ \hline \end{array} \][/tex]