Benz work
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Benz works as the CEO of B Co. His compensation income of P50,000 per month. In January 31, 200B, he borrowed P300,000 from B Co. As a result, his monthly compensation income is reduced by P25,000 starting February, as payment to his borrowing.
If on December 31, 200B, after payment of P25,000 salary net of loan amortization. B Co. cancelled Benz’ indebtedness, how much is the latter’s compensation income in December 200B?
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