On September 1, 2020, Peter Senen began a service proprietorship with an initial investment of P400,000. Peter Senen provided P800,000 of service during September. Collections were made except for P200,000 which were paid the following month. Expenses were incurred in the amount of P400,000, including P100,000 which are to be paid next month. Peter Senen withdrew P60,000 against the capital account. On September 30, 2020, financial statement, what amount of capital should be reported under the cash basis accounting? A.P740,000 B.P640,000 C.P840,000 D.P800,000

On September 1, 2020, Peter Senen began a service proprietorship with an initial investment of P400,000. Peter Senen provided P800,000 of service during September. Collections were made except for P200,000 which were paid the following month. Expenses were incurred in the amount of P400,000, including P100,000 which are to be paid next month. Peter Senen withdrew P60,000 against the capital account. On September 30, 2020, financial statement, what amount of capital should be reported under the cash basis accounting? A.P740,000 B.P640,000 C.P840,000 D.P800,000

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Description: On September 1, 2020, Peter Senen began a service proprietorship with an initial investment of P400,000. Peter Senen provided P800,000 of service during September. Collections were made except for P200,000 which were paid the following month. Expense

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 45P

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