1. The business is a trading business. For the period it purchased goods for sale valued of Php 100,000. The goods were all sold for a total price of Php 120,000. For the sale only 10% was received as down payment at the end of the year 30% are still collection. How much is the business income? 2. The business was put up from a cash of Php 200,000 the initial capital of the owner. Then, Php 40,000 of the cash was used to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of Php 20,000. How much are the total assets of the business.
1. The business is a trading business. For the period it purchased goods for sale valued of Php 100,000. The goods were all sold for a total price of Php 120,000. For the sale only 10% was received as down payment at the end of the year 30% are still collection. How much is the business income? 2. The business was put up from a cash of Php 200,000 the initial capital of the owner. Then, Php 40,000 of the cash was used to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of Php 20,000. How much are the total assets of the business.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. The business is a trading business. For the period it purchased goods for sale valued of Php 100,000. The goods were all sold for a total price of Php 120,000. For the sale only 10% was received as down payment at the end of the year 30% are still collection. How much is the business income?
2. The business was put up from a cash of Php 200,000 the initial capital of the owner. Then, Php 40,000 of the cash was used to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of Php 20,000. How much are the total assets of the business.
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