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1. Net Income in 2020 a. P100,000 b. P120,000 c. P130,000 d. P150,000 2. Working capital, end of 2020 а. Р300,000 b. Р330,000 c. P270,000 d. P350,000 3. Retained earnings, end of 2020 a. P100,000 b. P120,000 c. P130,000 d. P150,000

1. Net Income in 2020 a. P100,000 b. P120,000 c. P130,000 d. P150,000 2. Working capital, end of 2020 а. Р300,000 b. Р330,000 c. P270,000 d. P350,000 3. Retained earnings, end of 2020 a. P100,000 b. P120,000 c. P130,000 d. P150,000

FINANCIAL ACCOUNTING
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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Based on the given data, answer the three questions. Show your solutions.

1. Net Income in 2020 a. P100,000 b. P120,000 c. P130,000 d. P150,000 2. Working capital, end of 2020 a. P300,000 b. P330,000 c. P270,000 d. P350,000 3. Retained earnings, end of 2020 a. P100,000 b. P120,000 c. P130,000 d. P150,000
Transcribed Image Text:1. Net Income in 2020 a. P100,000 b. P120,000 c. P130,000 d. P150,000 2. Working capital, end of 2020 a. P300,000 b. P330,000 c. P270,000 d. P350,000 3. Retained earnings, end of 2020 a. P100,000 b. P120,000 c. P130,000 d. P150,000
PROBLEM 6-1 Income Statement and SFP Errors financial statements of Jessica Corporation: 1) Interest expense of P20,000 in 2020 was erroneously debited to rent CHAPTER 6: REVIEW QUESTIONS - COMPUTATIONAL 2) Accounts receivable of P30,000 in 2020 was erroneously debited to notes You discovered the following errors in connection with your examination of the Enancial statements of Jessica Corporation: еxpense. receivable. aa fellowing data were extracted from the financial statements of Jessica Corporation: 2020 2021 Net income Working capital RE, end of the year 100,000 300,000 100,000 150,000 400,000 250,000
Transcribed Image Text:PROBLEM 6-1 Income Statement and SFP Errors financial statements of Jessica Corporation: 1) Interest expense of P20,000 in 2020 was erroneously debited to rent CHAPTER 6: REVIEW QUESTIONS - COMPUTATIONAL 2) Accounts receivable of P30,000 in 2020 was erroneously debited to notes You discovered the following errors in connection with your examination of the Enancial statements of Jessica Corporation: еxpense. receivable. aa fellowing data were extracted from the financial statements of Jessica Corporation: 2020 2021 Net income Working capital RE, end of the year 100,000 300,000 100,000 150,000 400,000 250,000
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