Prepare the single-step Statement of Comprehensive Income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the single-step Statement of Comprehensive Income.
Transcribed Image Text:Here is another sample of business transactions for Kuya Jimin's Auto Shop for
February 2021. The business: Cash, Php 30,000; Prepaid Rent, Php5,000;
Equipment, Php5,000, Supplies Php 3,000.00 and Accounts Payable Php7,000. By
the end of the month, Berting's had earned Php50, 000 of Service Income, Php
1,500 of Utility Expenses and Php 6,500 of Salaries Expense, and P 1,500 for Rent
Expense. How much is the net income of the Kuya Jimin?
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