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ASG Corporation has the following data in their accounting böoks Sales - P1,000,000 Cost of Sales - P500,000 Rental Expenses - P50,000 Salaries Expenses - P40,000 Utilities expense - P10,000 Cash - 25,000 Account Receivable - P15.000

ASG Corporation has the following data in their accounting böoks Sales - P1,000,000 Cost of Sales - P500,000 Rental Expenses - P50,000 Salaries Expenses - P40,000 Utilities expense - P10,000 Cash - 25,000 Account Receivable - P15.000

FINANCIAL ACCOUNTING
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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ASG Corporation has the following data in their accounting books Sales - P1,000,000 Cost of Sales - P500,000 Rental Expenses - P50,000 Salaries Expenses - P40,000 Utilities expense - P10,000 Cash -25,000 Account Receivable - P15,000 What is the net Income of ASG Corporation? O P360,000 O P425,000 O P400,000 O P440,000
Transcribed Image Text:ASG Corporation has the following data in their accounting books Sales - P1,000,000 Cost of Sales - P500,000 Rental Expenses - P50,000 Salaries Expenses - P40,000 Utilities expense - P10,000 Cash -25,000 Account Receivable - P15,000 What is the net Income of ASG Corporation? O P360,000 O P425,000 O P400,000 O P440,000
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