ABC company's total equity for 2019 amounted to P1,000,000. There was a 10% and a 20% increase in equity for the next 2 years. Withdrawals were P7,500 for 2020. No additional investments were made during 2020, and P35,000 for 2021. The combination of additional investments and net income for 2021 amounted to 105% of the increase in equity for 2020. Question 42 How much was 2020 net income? Blank 1 Blank 1 Add your answer

ABC company's total equity for 2019 amounted to P1,000,000. There was a 10% and a 20% increase in equity for the next 2 years. Withdrawals were P7,500 for 2020. No additional investments were made during 2020, and P35,000 for 2021. The combination of additional investments and net income for 2021 amounted to 105% of the increase in equity for 2020. Question 42 How much was 2020 net income? Blank 1 Blank 1 Add your answer

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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