At the start of the period, ABC Company has total assets of P500,000 and totalliabilities of P300,000. During the period, the business earned total income ofP1,000,000 and incurred total expenses of P640,000. No additional investmentsor withdrawals were made by the owner.How much is the total equity at the end of the period? ABC Company, a computer repair shop provided the following information at the end of its first month of operation:Computer repair services renderedP 160,000Interest income earned from customer's promissory note2,500Payment for the shop's space rental11,000Payment for the salaries of employees for the month19,600Payment of the shop's electricity bill for the month12,450Payment of the telephone bill in the residence of theowner of ABC Company15,600Determine the net income (loss) of ABC Company on its first month of operation.

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At the start of the period, ABC Company has total assets of P500,000 and total liabilities of P300,000. During the period, the business earned total income of P1,000,000 and incurred total expenses of P640,000. No additional investments or withdrawals were made by the owner. How much is the total equity at the end of the period?

At the start of the period, ABC Company has total assets of P500,000 and total liabilities of P300,000. During the period, the business earned total income of P1,000,000 and incurred total expenses of P640,000. No additional investments or withdrawals were made by the owner. How much is the total equity at the end of the period?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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