Please help me compute this.
On Jan 1, 2018, Socorro had assets amounting to P420,000 and equity amounting to P240,000. During the year, liabilities increased by P50,000, while equity decreased by P25,000. What was the amount of assets at the end of the year?
On Dec 31, 2023, Cecilia had total assets amounting to P620,000 and equity worth P415,000. During the year 2023, liabilities decreased by P28,000, while equity increased by P42,000. What was the amount of total assets on Jan 1, 2023?
At the beginning of the year, Procopio had total assets of P520,000 and total liabilities of P290,000. At the end of the year, total assets amounted to P1,030,000 while liabilities amounted to P350,000. During the year, Procopio invested P150,000 and withdrew P25,000. What was Procopio’s net income for the year? (Note: Net income – or Revenues less Expenses - is a component of Retained Earnings.)
On Jan 1, 2022, Gregorio had total assets of P890,000 and total liabilities of P325,000. On Dec 31, 2022, total assets increased to P1,450,000 while total liabilities increased by P25,000. During the year, Gregorio invested P200,000 and withdrew P60,000. Moreover, total expenses of the business in 2022 were P620,000. Compute for the total revenues in 2022.
