Mateo, sole proprietor reported the following changes during the year from his business: Increase in total assets P 350,000 Decrease in total liabilities 260,000 Additional investment to the business 50,000 Drawings during the year 20,000 The business income for the year is:
Mateo, sole proprietor reported the following changes during the year from his business: Increase in total assets P 350,000 Decrease in total liabilities 260,000 Additional investment to the business 50,000 Drawings during the year 20,000 The business income for the year is:
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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- Mateo, sole proprietor reported the following changes during the year from his business:
Increase in total assets P 350,000
Decrease in total liabilities 260,000
Additional investment to the business 50,000
Drawings during the year 20,000
The business income for the year is:
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