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Given the following totals for the financial statement columns on the worksheet, determine the net income or loss for the period:

Given the following totals for the financial statement columns on the worksheet, determine the net income or loss for the period:

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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23. Given the following totals for the financial statement columns on the worksheet, determine the net income or loss for the period: Income Statement Balance Sheet Credit Debit Credit Debit P6,800 P9,500 P7,400 P4,700 a. P4,700 net income b. P2,700 net income C. P2,700 net loss d. P6,800 net loss 24. Given the following totals of the financial statements columns of the worksheet, determine the net income or loss for the period: Income Statement Balance Sheet Debit Credit P8,500 P6,750 P4,300 P6,050 Debit Credit a. P8,500 net loss b. P1,750 net income C. P4,300 net income d. P1,750 net loss
Transcribed Image Text:23. Given the following totals for the financial statement columns on the worksheet, determine the net income or loss for the period: Income Statement Balance Sheet Credit Debit Credit Debit P6,800 P9,500 P7,400 P4,700 a. P4,700 net income b. P2,700 net income C. P2,700 net loss d. P6,800 net loss 24. Given the following totals of the financial statements columns of the worksheet, determine the net income or loss for the period: Income Statement Balance Sheet Debit Credit P8,500 P6,750 P4,300 P6,050 Debit Credit a. P8,500 net loss b. P1,750 net income C. P4,300 net income d. P1,750 net loss
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