esented below are the year-end balance of the assets and liabilitiespertaining to Starlight Merchandising      2020    2019 Cash    P150,000    P120,000 Equity investment at FVPL    260,000    230,000 AR, net    360,000    400,000 Inventories    705,000    635,000 Prepaid Expenses    130,000    128,000 Accounts payable    182,000    136,000 Other current liabilities    141,000    125,000 Bonds Payable    200,000    200,000 Additional investment made by the owner during 2020 was P150,000 but a P200,000 personal liability was paid out of company's funds. What is the company's profit or loss for the year ended December 31, 2020?  30,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Presented below are the year-end balance of the assets and liabilitiespertaining to Starlight Merchandising

     2020    2019
Cash    P150,000    P120,000
Equity investment at FVPL    260,000    230,000
AR, net    360,000    400,000
Inventories    705,000    635,000
Prepaid Expenses    130,000    128,000
Accounts payable    182,000    136,000
Other current liabilities    141,000    125,000
Bonds Payable    200,000    200,000
Additional investment made by the owner during 2020 was P150,000 but a P200,000 personal liability was paid out of company's funds.

What is the company's profit or loss for the year ended December 31, 2020?

 30,000

 800,000

 Answer not given

 140,000

 700,000

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