Answered: How much should be the capital balance…

Name: Mr. Wa Is started a service business on October 1,2020 with an initial
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Mr. Wa Is started a service business on October 1,2020 with an initial investment of P400,000. During 2020, he provided P800,000 worth of services to customers of which P200,000 were collected during January 2021. Expenses incurred amounted to P400,0

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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Mr. Wa Is started a service business on October 1,2020 with an initial investment of P400,000. During 2020, he provided P800,000 worth of services to customers of which P200,000 were collected during January 2021. Expenses incurred amounted to P400,000 including P100,000 which were paid during January 2021. Mr. Wa Is withdrew P60,000 during 2020.How much should be the capital balance of Mr. Wa Is on December 31,2020 under the cash basis of accounting? *

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