Answered: Net income for the year ended December…

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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Question

The following selected information pertains to Brock Company:
Cash balance, January 1, 20x1 P130,000
Accounts receivable, January 1, 20x1 190,000
Collections from customers in 20x1 2,100,000
Capital account balance, January 1, 20x1 380,000
Total assets, January 1, 20x1 750,000
Additional cash investment, July 1, 20x1 50,000
Total assets, December 31, 20x1 1,010,000
Cash balance, December 31, 20x1 200,000
Accounts receivable, December 31, 20x1 360,000
Withdrawals made during 20x1 110,000
Total liabilities, December 31, 20x1 410,000
7. Net income for the year ended December 31, 20x1

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