Fill in the blanks:Total revenues earned by the company during the year is P900,000 while the expenses incurred were: Salaries Expense, P75,000; Utilities Expense, P90,000; ad Rent Expense, P120,000. During the year, the ownermade an additional investment of P100,000 but made a cash withdrawal of P220,000. The NET INCREASE in the owner's equity account during the year is Fill in the blanks:The beginning capital balance is P301,000. At the end of the year, results of operations showed a net income of P96,000. During the year the owner withdrew P18,900 for personal use. The owner made anadditional investment of P50,000. The ending capital balance is

Amount Revenue 900,000 Less: Expenses Salaries Expense 75,000 Utilities Expense…

Answered: in the blanks Total revenues earned by…

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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Similar questions

The net income reported on the income statement for the current year was $259000. Depreciation was $56000. Accounts receivable and inventories decreased by $5000 and $16000, respectively. Prepaid expenses and accounts payable increased, respectively, by $500 and $15000. Investments were sold at a loss of $21700. How much cash was provided by operating activities?
At the start of its most recent financial year the owner's equity in a business was £25,960. At the end of the financial year it was £30,600. The owner made personat withdrawals totalling E11.404 from the business during the year. On the basis of this information, what was the profit of the the business for the year?
2. Ending owner's cquity amounted to P70.000 Additional investments during the year amounted to P30 000. Withdrawats totaled P50,000. Compute for the company's net income for the year assuming beginning equity is P10,000. Show your solutionG Explain your answer
Last year, an investor in rental property had gross income of $160,000 with the following expenses: maintenance $22,000, insurance $5000, management$10,000, utilities $16,000, and debt service (interest) $19,000. Income taxes totaled $8000. What was the net operating income for the year?
At the end of its first year of operations, FDN Trading reported net income of $30,000. It also had account balances of: Cash, P16,000; Office Supplies, P5,200; Equipment, P25,000; and Accounts Receivable, P9,000. The owner invested P17,000 at the start of its first year of operations and withdrew $4,700 for personal use. How much is total liabilities at the end of the year?
Beginning owner’s equity amounted to P300,000. Net loss for the year totaled P45,000. No additional investments and withdrawals for the period. Compute for total increase and/or decrease in equity for the year.
The formula for determining the number of times interest charges earned is Income before Income Tax + Interest Expense/Interest expense. Assume that the Interest Expense for Rainbow Paint for the Year Ended December 31, 20Y6, is $50,000. Assume further that Income before Income Taxes is $700,000, Income Taxes is $200,000 and Net Income is $500,000. What is the number of times interest charges are earned for Rainbow Paint, Co. for the Year Ended December 31, 20Y6?
Tired Company’s assets for the current year decreased by P135,000 while its liabilities increased by P25,000. During the year, the owner withdrew P12,000 and made additional investment of P17,000. How much is the net income (loss) for the year? (P165,000) (P105,000) (P115,000 (P110,000)
The balance sheet of Pacific Ocean Resort reports total assets of $660,000 and $810,000 at the beginning and end of the year, respectively. The return on assets for the year is 16%. Calculate Pacific Ocean's net income for the year.
In a recent year Ley Corporation had net income of $150,000, interest expense of $30,000, and a times interest earned ratio of 7. What was Ley Corporation's income before taxes for the year?
Computer World reports income tax expense of $230,000. Income taxes payable at the beginning and end of the year are $54,500 and $64,000, respectively.What is the cash paid for income taxes during the year?
The Owner's Capital has a beginning balance of P500,545. The owner gave P300,000 additional investment during the year. Based on the Statement of Profit or Loss, net income for the year was P120,445. The Owner's Capital ending balance is P300,000. How much money did the owner withdraw from the business?

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