ABC company's total equity for 2019 amounted to P1,750,000. There was a 5% and a 15% increase in equity for the next 2 years. Withdrawals were P10,000 for 2020. No additional investments were made during 2020, and P15,000 for 2021. The combination of additional investments and net income for 2021 amounted to 130% of the increase in equity for 2020.

ABC company's total equity for 2019 amounted to P1,750,000. There was a 5% and a 15% increase in equity for the next 2 years. Withdrawals were P10,000 for 2020. No additional investments were made during 2020, and P15,000 for 2021. The combination of additional investments and net income for 2021 amounted to 130% of the increase in equity for 2020.

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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