ple Choice. Select the letter of your answer.1. The income statement is a statement that shows the result of theoperation of the business. In the first quarter of its operation thebusiness has a revenue of Php155,000 and cost and expenseamounting to Php80,000. How much is the net income of thebusiness?a. Php155,000b. Php80,000c. Php75.00d. Php235,0002. All items appearing in the income statement are nominal or temporaryaccounts. Which of the following is a nominal account?a. Salesb. Accounts PayableC. Accounts Receivabled. Juan Dela Cruz, Capital3. The body of the balance sheet includes information about the incomeearned during the period. Which accounting element in the balancesheet does the net income is added?C. Owner's Equityd. Income Statementa. Assetb. Liability4. On January 2, 2019, the Mega Car Wash shop rendered services toHeaven's Hotel Shuttle Services on account amounting to Php3,500and delivered the Charge Slip on January 3, 2019. The hotel paid theshop on January 5, 2019. Under the accrual principle of accounting:When shall the income be recognized on the books of the business?a. January 2, 2019Forb January 3, 2019 purposes onlyC. January 5, 2019d. Any date as long as it is within the month of January, 2019.5. The fundamental accounting equation is: Assets = Liabilities +Owner's Equity. The balance sheet of Madlang Pipol Enterprise hasan asset of Php1,500,000 and a Liability of Php375,000. How muchis its Owner's Equity?a. Php1,500,000b. Php375,000c. Php1,875,000d. Php1,125,000

Part 1: Revenues = Php155,000 Cost and Expenses = Php80,000 Net Income = Revenues - Cost and…

1. The income statement is a statement that shows the result of the operation of the business. In the first quarter of its operation the business has a revenue of Php155,000 and cost and expense amounting to Php80,000. How much is the net income of the business? a. Php155,000 b. Php80,000 C. Php75.00 d. Php235,000

1. The income statement is a statement that shows the result of the operation of the business. In the first quarter of its operation the business has a revenue of Php155,000 and cost and expense amounting to Php80,000. How much is the net income of the business? a. Php155,000 b. Php80,000 C. Php75.00 d. Php235,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 5PA: Financial information for BDS Enterprises for the year-ended December 31, 20xx, was gathered from an...

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