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How much is the net income for the year ended December 31, 2020?

How much is the net income for the year ended December 31, 2020?

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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The owner's equity of FDNACCT was P190,000 at January 1, 2020. The assets and liabilities on December 31, 2020, the end of the accounting year, and its revenue and expenses for the year are listed below. Accounts Payable P. 1,200 Accounts Receivable 12,340 Building 143,670 Cash 32,990 Cleaning Expense 560 Fees Earned 81,350 Land 65.000
Transcribed Image Text:The owner's equity of FDNACCT was P190,000 at January 1, 2020. The assets and liabilities on December 31, 2020, the end of the accounting year, and its revenue and expenses for the year are listed below. Accounts Payable P. 1,200 Accounts Receivable 12,340 Building 143,670 Cash 32,990 Cleaning Expense 560 Fees Earned 81,350 Land 65.000
Cash 32,990 Cleaning Expense 560 Fees Earned 81,350 Land 65,000 Miscellaneous Expense 220 Office Supplies 1,670 Owner's Drawings 3,000 Wages Expense 36,770 How much is the net income for the year ended December 31, 2020?
Transcribed Image Text:Cash 32,990 Cleaning Expense 560 Fees Earned 81,350 Land 65,000 Miscellaneous Expense 220 Office Supplies 1,670 Owner's Drawings 3,000 Wages Expense 36,770 How much is the net income for the year ended December 31, 2020?
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