During October 2008, Katie’s Catering Company generated revenues of P13,000. Sales discounts totaled P200 for the month. Expenses were as follows: Cost of goods sold of P7,000 and operating expenses of P2,000. Calculate the net income.

During October 2008, Katie’s Catering Company generated revenues of P13,000. Sales discounts totaled P200 for the month. Expenses were as follows: Cost of goods sold of P7,000 and operating expenses of P2,000. Calculate the net income.

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Description: During October 2008, Katie’s Catering Company generated revenues of P13,000. Sales discounts totaled P200 for the month. Expenses were as follows: Cost of goods sold of P7,000 and operating expenses of P2,000. Calculate the net income.

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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