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BROWN Company keeps limited records. Its assets and liabilities at the beginning and end of the current year are as follows: Beginning 30,000 P 50,000 Ending Cash in bank Accounts receivable, net 50,000 70,000 Merchandise inventory Accounts payable Notes payable – bank Equipment, net 100,000 80,000 40,000 20,000 20,000 25,000 80,000 60,000 During the year, the owner withdrew cash of P120,000 and made additional investment of P50,000. How much is the net income(loss) for the year

BROWN Company keeps limited records. Its assets and liabilities at the beginning and end of the current year are as follows: Beginning 30,000 P 50,000 Ending Cash in bank Accounts receivable, net 50,000 70,000 Merchandise inventory Accounts payable Notes payable – bank Equipment, net 100,000 80,000 40,000 20,000 20,000 25,000 80,000 60,000 During the year, the owner withdrew cash of P120,000 and made additional investment of P50,000. How much is the net income(loss) for the year

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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BROWN Company keeps limited records. Its assets and liabilities at the beginning and end of the current year are as follows: Beginning Ending Cash in bank 30,000 P 50,000 Accounts receivable, net Merchandise inventory 50,000 70,000 100,000 80,000 Accounts payable Notes payable - bank 40,000 20,000 20,000 25,000 Equipment, net 80,000 60,000 During the year, the owner withdrew cash of P120,000 and made additional investment of P50,000. How much is the net income(loss) for the year
Transcribed Image Text:BROWN Company keeps limited records. Its assets and liabilities at the beginning and end of the current year are as follows: Beginning Ending Cash in bank 30,000 P 50,000 Accounts receivable, net Merchandise inventory 50,000 70,000 100,000 80,000 Accounts payable Notes payable - bank 40,000 20,000 20,000 25,000 Equipment, net 80,000 60,000 During the year, the owner withdrew cash of P120,000 and made additional investment of P50,000. How much is the net income(loss) for the year
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