ABC Trading Inc. started the year with total assets of P60,000 and total liabilities of P40,000. During the year, the business recorded P100,000 in car repair revenues, P55,000 in expenses. The net income reported by ABC Trading, Inc. for the year was: a. Php90,000 b. Php45,000 c. Php20,000 d. Php35,000

ABC Trading Inc. started the year with total assets of P60,000 and total liabilities of P40,000. During the year, the business recorded P100,000 in car repair revenues, P55,000 in expenses. The net income reported by ABC Trading, Inc. for the year was: a. Php90,000 b. Php45,000 c. Php20,000 d. Php35,000

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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