ABC Company, a computer repair shop provided the following information at the end of its first month of operation: Computer repair services rendered P 160,000 Interest income earned from customer's promissory note 2,500 Payment for the shop's space rental 11,000 Payment for the salaries of employees for the month 19,600 Payment of the shop's electricity bill for the month 12,450 Payment of the telephone bill in the residence of the owner of ABC Company 15,600 Determine the net income (loss) of ABC Company on its first month of operation.
ABC Company, a computer repair shop provided the following information at the end of its first month of operation: Computer repair services rendered P 160,000 Interest income earned from customer's promissory note 2,500 Payment for the shop's space rental 11,000 Payment for the salaries of employees for the month 19,600 Payment of the shop's electricity bill for the month 12,450 Payment of the telephone bill in the residence of the owner of ABC Company 15,600 Determine the net income (loss) of ABC Company on its first month of operation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:ABC Company, a computer repair shop provided the following information at the end
of its first month of operation:
Computer repair services rendered
P 160,000
Interest income earned from customer's promissory note
2,500
Payment for the shop's space rental
11,000
Payment for the salaries of employees for the month
19,600
Payment of the shop's electricity bill for the month
12,450
Payment of the telephone bill in the residence of the
owner of ABC Company
15,600
Determine the net income (loss) of ABC Company on its first month of operation.
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