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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Based on the given data, answer the three questions. Show your solutions.
Transcribed Image Text:4. Net Income in 2021
a. P150,000
b. P130,000
c. P170,000
d. P180,000
5. Working capital, end of 2021
a. P430,000
b. P420,000
c. P450,000
d. P400,000
6. Retained earnings, end of 2021
a. P250,000
b. P270,000
c. P300,000
d. P240,000
Transcribed Image Text:PROBLEM 6-1 Income Statement and SFP Errors
financial statements of Jessica Corporation:
1) Interest expense of P20,000 in 2020 was erroneously debited to rent
CHAPTER 6: REVIEW QUESTIONS - COMPUTATIONAL
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
Enancial statements of Jessica Corporation:
еxpense.
receivable.
aa fellowing data were extracted from the financial statements of Jessica
Corporation:
2020
2021
Net income
Working capital
RE, end of the year
100,000
300,000
100,000
150,000
400,000
250,000
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