Based on the given data, answer the three questions. Show your solutions. 4. Net Income in 2021a. P150,000b. P130,000c. P170,000d. P180,0005. Working capital, end of 2021a. P430,000b. P420,000c. P450,000d. P400,0006. Retained earnings, end of 2021a. P250,000b. P270,000c. P300,000d. P240,000 PROBLEM 6-1 Income Statement and SFP Errorsfinancial statements of Jessica Corporation:1) Interest expense of P20,000 in 2020 was erroneously debited to rentCHAPTER 6: REVIEW QUESTIONS - COMPUTATIONAL2) Accounts receivable of P30,000 in 2020 was erroneously debited to notesYou discovered the following errors in connection with your examination of theEnancial statements of Jessica Corporation:еxpense.receivable.aa fellowing data were extracted from the financial statements of JessicaCorporation:20202021Net incomeWorking capitalRE, end of the year100,000300,000100,000150,000400,000250,000

Errors are unintentional misstatements in the financial statements of an entity. Errors make the…

financial statements of Jessica Corporation: PROBLE 1) Interest expense of P20,000 in 2020 was erroneously debited to rent 2) Accounts receivable of P30,000 in 2020 was erroneously debited to notes You discovered the following errors in connection with your examination of the inancial statements of Jessica Corporation: Interest expense of P20,000 in 2020 was erroneously debited to rent еxpense. receivable. The following data were extracted from the financial statements of Jessica Corporation: 2020 2021 100,000 300,000 100,000 Net income Working capital RE, end of the year 150,000 400,000 250,000

financial statements of Jessica Corporation: PROBLE 1) Interest expense of P20,000 in 2020 was erroneously debited to rent 2) Accounts receivable of P30,000 in 2020 was erroneously debited to notes You discovered the following errors in connection with your examination of the inancial statements of Jessica Corporation: Interest expense of P20,000 in 2020 was erroneously debited to rent еxpense. receivable. The following data were extracted from the financial statements of Jessica Corporation: 2020 2021 100,000 300,000 100,000 Net income Working capital RE, end of the year 150,000 400,000 250,000

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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