Last January 1, 2020, Mrs. Dimalanta started a laundry shop business by contributing cash of P1,500,000. At the end of the year, assets totaled P3,000,000 while liabilities totaled P500,000. Additional contributions made during the year totaled P600,000, while periodic withdrawals totaled P400,000. Determine the net income for 2020

Last January 1, 2020, Mrs. Dimalanta started a laundry shop business by contributing cash of P1,500,000. At the end of the year, assets totaled P3,000,000 while liabilities totaled P500,000. Additional contributions made during the year totaled P600,000, while periodic withdrawals totaled P400,000. Determine the net income for 2020

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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