Presented below is selected information pertaining to the Cassie Inc: Cash balance, January 1, 2020- P13,000 Accounts receivable, January 1, 2020- P19,000 Collections from customers in 2020- P210,000 Capital account balance, January 1, 2020- P38,000 Total assets, January 1, 2020- P75,000 Cash investment added, July 1, 2020-P5,000 Total asset, December 31, 2020- P101,000 Cash balance, December 31, 2020- P20,000 Accounts receivable, December 31, 2020- P36,000 Merchandise taken for personal use during 2020- P11,000 Total liabilities, December 31, 2020- P41,000 How much is the net income for 2020?
Presented below is selected information pertaining to the Cassie Inc: Cash balance, January 1, 2020- P13,000 Accounts receivable, January 1, 2020- P19,000 Collections from customers in 2020- P210,000 Capital account balance, January 1, 2020- P38,000 Total assets, January 1, 2020- P75,000 Cash investment added, July 1, 2020-P5,000 Total asset, December 31, 2020- P101,000 Cash balance, December 31, 2020- P20,000 Accounts receivable, December 31, 2020- P36,000 Merchandise taken for personal use during 2020- P11,000 Total liabilities, December 31, 2020- P41,000 How much is the net income for 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Presented below is selected information pertaining to the Cassie Inc:
Cash balance, January 1, 2020- P13,000
Collections from customers in 2020- P210,000
Capital account balance, January 1, 2020- P38,000
Total assets, January 1, 2020- P75,000
Cash investment added, July 1, 2020-P5,000
Total asset, December 31, 2020- P101,000
Cash balance, December 31, 2020- P20,000
Accounts receivable, December 31, 2020- P36,000
Merchandise taken for personal use during 2020- P11,000
Total liabilities, December 31, 2020- P41,000
How much is the net income for 2020?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education