How much is the adjusted profit (loss)?a. 183,000b. 207,000c. (53,000)d. (21,000) 2. Entity A's total income and total expenses for the.December 31, 20x1 were P450,000 and P280,000, respectively,before possible adjustment for the following:Unpaid utilities used during the period, P20,000The general ledger includes an "Unearned rent income"account with a balance of 90,000. One-third of thisamount is earned during the period.The general ledger shows "Prepaid insurance" of P12,000.However, the insurance expires on December 31, 20x1.iv.yearendedi.ii.iii.Entity A has a 12%, P500,000 note receivable datedSeptember 30, 20x1. The principal and interest on the noteare due after one year.5000.001

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How much is the adjusted profit (loss)? a. 183,000 b. 207,000 c. (53,000) d. (21,000)

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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Question

How much is the adjusted profit (loss)? a. 183,000 b. 207,000 c. (53,000) d. (21,000)

2. Entity A's total income and total expenses for the.
December 31, 20x1 were P450,000 and P280,000, respectively,
before possible adjustment for the following:
Unpaid utilities used during the period, P20,000
The general ledger includes an "Unearned rent income"
account with a balance of 90,000. One-third of this
amount is earned during the period.
The general ledger shows "Prepaid insurance" of P12,000.
However, the insurance expires on December 31, 20x1.
iv.
year
ended
i.
ii.
iii.
Entity A has a 12%, P500,000 note receivable dated
September 30, 20x1. The principal and interest on the note
are due after one year.
5000.001

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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