4. Net income in 2021 a. P150,000 b. P130,000 aimo bonis E 000309 0.309 c. P170,000 d. P180,000 5. Working capital, end of 2021 a. P430,000 b. P420,000 C. P450,000 d. P400,000 6. Retained earnings, end of 2021 a. P250,000 b. P270,000 how c. P300,000 000,801 d. P240,000 000.00A 00 01 7. Prepare adjusting entries assuming errors were discovered in (a) 2020, (b) 2021, and (c) 2022. 000 000,003 2021 00,28 btebat6 sqinagu cupea semut GLLOLE LG 125 Chapter 6 - Correction of Errors CHAPTER 6: REVIEW QUESTIONS - COMPUTATIONAL PROBLEM 6-1 Income Statement and SFP Errors You discovered the following errors in connection with your examination of the financial statements of Jessica Corporation: 1) Interest expense of P20,000 in 2020 was erroneously debited to rent expense. 2) Accounts receivable of P30,000 in 2020 was erroneously debited to notes receivable. 19 191 The following data were extracted from the financial statements of Jessica Corporation: 2s 2020 2021 wolld 100,000 300,000 100,000 150,000 400,000 250,000 Net income Working capital RE, end of the year

4. Net income in 2021 a. P150,000 b. P130,000 aimo bonis E 000309 0.309 c. P170,000 d. P180,000 5. Working capital, end of 2021 a. P430,000 b. P420,000 C. P450,000 d. P400,000 6. Retained earnings, end of 2021 a. P250,000 b. P270,000 how c. P300,000 000,801 d. P240,000 000.00A 00 01 7. Prepare adjusting entries assuming errors were discovered in (a) 2020, (b) 2021, and (c) 2022. 000 000,003 2021 00,28 btebat6 sqinagu cupea semut GLLOLE LG 125 Chapter 6 - Correction of Errors CHAPTER 6: REVIEW QUESTIONS - COMPUTATIONAL PROBLEM 6-1 Income Statement and SFP Errors You discovered the following errors in connection with your examination of the financial statements of Jessica Corporation: 1) Interest expense of P20,000 in 2020 was erroneously debited to rent expense. 2) Accounts receivable of P30,000 in 2020 was erroneously debited to notes receivable. 19 191 The following data were extracted from the financial statements of Jessica Corporation: 2s 2020 2021 wolld 100,000 300,000 100,000 150,000 400,000 250,000 Net income Working capital RE, end of the year

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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• The following is available for Golden Corporation for 2019: Sales 2,000,000 Average invested capital (assets) 500,000 Net income 300,000 Cost of capital 18% What is the return on investment for Golden Corp.? 1. 15% 2. 18% 3.33% 4. 60% O 1 O 2 3. 4
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Compute NET Profit margin ratio
37
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