Black Company has beginning total assets of P200 million and ending liabilities of P110 million. Black had a beginning capital of P50 million and ending capital of P90 million. If the Company generated total revenues of P150 million and incurred total expenses of P90 million during the year, how much was the withdrawal made by the owner during the year, if any?
Black Company has beginning total assets of P200 million and ending liabilities of P110 million. Black had a beginning capital of P50 million and ending capital of P90 million. If the Company generated total revenues of P150 million and incurred total expenses of P90 million during the year, how much was the withdrawal made by the owner during the year, if any?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Black Company has beginning total assets of P200 million and ending liabilities of P110 million. Black had a beginning capital of P50 million and ending capital of P90 million. If the Company generated total revenues of P150 million and incurred total expenses of P90 million during the year, how much was the withdrawal made by the owner during the year, if any?
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