Below are changes in May Mahal Nang Iba Company's assets and liabilities during the year: Increase (Decrease) Cash and cash equivalent Accounts receivable Allowance for bad debts Inventory Allowance for inventory decline Investment @FVPL Investment @FVOCI Land Building Accumulated depreciation- B Equipment Accumulated depreciation- E The net income for the year is P 300,000 Accounts payable 190,000 Salaries payable 30,000 Utilities payable 170,000 Notes payable (20,000) Deferred tax liability 100,000 Bonds payable 120,000 Discount on Bonds Payable (60,000) Ordinary Share Capital 130,000 Ordinary Share Premium 25,000 Treasury shares (40,000) Revaluation surplus (25,000) Retained earnings- appropriated Increase (Decrease) P 80,000 90,000 (70,000) 110,000 (50,000) 300,000 40,000 120,000 40,000 40,000 100,000 50,000

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 22EB: Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000...
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May Mahal Nang Iba Company Question: The net income for the year is

a. P220,0000
b. P260,000
c. P130,000
d. P180,000
Below are changes in May Mahal Nang Iba Company's assets and liabilities during the year:
Increase
(Decrease)
P 300,000 Accounts payable
190,000 Salaries payable
30,000 Utilities payable
170,000 Notes payable
(20,000) Deferred tax liability
100,000 Bonds payable
120,000 Discount on Bonds Payable
(60,000) Ordinary Share Capital
130,000 Ordinary Share Premium
25,000 Treasury shares
(40,000) Revaluation surplus
(25,000) Retained earnings- appropriated
Increase
(Decrease)
P 80,000
90,000
(70,000)
110,000
(50,000)
300,000
40,000
120,000
40,000
40,000
100,000
50,000
Cash and cash equivalent
Accounts receivable
Allowance for bad debts
Inventory
Allowance for inventory decline
Investment @FVPL
Investment @FVOCI
Land
Building
Accumulated depreciation- B
Equipment
Accumulated depreciation- E
The net income for the year is
Transcribed Image Text:Below are changes in May Mahal Nang Iba Company's assets and liabilities during the year: Increase (Decrease) P 300,000 Accounts payable 190,000 Salaries payable 30,000 Utilities payable 170,000 Notes payable (20,000) Deferred tax liability 100,000 Bonds payable 120,000 Discount on Bonds Payable (60,000) Ordinary Share Capital 130,000 Ordinary Share Premium 25,000 Treasury shares (40,000) Revaluation surplus (25,000) Retained earnings- appropriated Increase (Decrease) P 80,000 90,000 (70,000) 110,000 (50,000) 300,000 40,000 120,000 40,000 40,000 100,000 50,000 Cash and cash equivalent Accounts receivable Allowance for bad debts Inventory Allowance for inventory decline Investment @FVPL Investment @FVOCI Land Building Accumulated depreciation- B Equipment Accumulated depreciation- E The net income for the year is
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ISBN:
9781947172685
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OpenStax College