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On January 1, 2021 Asset of ABC Company was P2,500,000 and its liabilities was P800,000. By December 31, 2021 Asset of ABC Company was P4,700,000 and its liabilities was P1,200,000. During the year the owner withdrew merchandise costing P100,000 with a sales value of P150,000. The owner also paid a P1,000,000 notes payable of the business with interest of 12% for nine months with a check drawn on a personal checking account. How much is the net income (loss) for ABC Company as of December 31, 20

On January 1, 2021 Asset of ABC Company was P2,500,000 and its liabilities was P800,000. By December 31, 2021 Asset of ABC Company was P4,700,000 and its liabilities was P1,200,000. During the year the owner withdrew merchandise costing P100,000 with a sales value of P150,000. The owner also paid a P1,000,000 notes payable of the business with interest of 12% for nine months with a check drawn on a personal checking account. How much is the net income (loss) for ABC Company as of December 31, 20

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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On January 1, 2021 Asset of ABC Company was P2,500,000 and its liabilities was P800,000. By December 31, 2021 Asset of ABC Company was P4,700,000 and its liabilities was P1,200,000. During the year the owner withdrew merchandise costing P100,000 with a sales value of P150,000. The owner also paid a P1,000,000 notes payable of the business with interest of 12% for nine months with a check drawn on a personal checking account. How much is the net income (loss) for ABC Company as of December 31, 2021?

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