Presented below is selected information pertaining to the Cone Company: §  Cash balance, January 1, 2021- P13,000 §  Accounts receivable, January 1, 2021- P19,000 §  Collections from customers in 2021- P210,000 §  Capital account balance, January 1, 2021- P38,000 §  Total assets, January 1, 2021- P75,000 §  Cash investment added, July 1, 2021-P5,000 §  Total asset, December 31, 2021- P101,000 §  Cash balance, December 31, 2021- P20,000 §  Accounts receivable, December 31, 2021- P36,000 §  Merchandise taken for personal use during 2021- P11,000 §  Total liabilities, December 31, 2021- P41,000 How much is the net income for 2021?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Presented below is selected information pertaining to the Cone Company:

§  Cash balance, January 1, 2021- P13,000

§  Accounts receivable, January 1, 2021- P19,000

§  Collections from customers in 2021- P210,000

§  Capital account balance, January 1, 2021- P38,000

§  Total assets, January 1, 2021- P75,000

§  Cash investment added, July 1, 2021-P5,000

§  Total asset, December 31, 2021- P101,000

§  Cash balance, December 31, 2021- P20,000

§  Accounts receivable, December 31, 2021- P36,000

§  Merchandise taken for personal use during 2021- P11,000

§  Total liabilities, December 31, 2021- P41,000

How much is the net income for 2021?

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