Problem 2-2 Calculation of Net Income and Cost of Goods Sold 1. At the end of the first month of operations for Juan's Service Company, the business had the following accounts: Cash, Php19,000; Prepaid Rent, Php500, Equipment, Php5,000 and Accounts Payable Php2.000. By the end of the month, Jackson's had earned Php20,000 of Revenues, Php1,000 of Utilities Expenses and Php1,500 of Salaries Expenses. Calculate the net income to be reported by the company for this month.

Problem 2-2 Calculation of Net Income and Cost of Goods Sold 1. At the end of the first month of operations for Juan's Service Company, the business had the following accounts: Cash, Php19,000; Prepaid Rent, Php500, Equipment, Php5,000 and Accounts Payable Php2.000. By the end of the month, Jackson's had earned Php20,000 of Revenues, Php1,000 of Utilities Expenses and Php1,500 of Salaries Expenses. Calculate the net income to be reported by the company for this month.

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Description: Problem 2-2 Calculation of Net Income and Cost of Goods Sold1. At the end of the first month of operations for Juan's Service Company, the business had thefollowing accounts:Cash, Php19,000; Prepaid Rent, Php500, Equipment, Php5,000 and Accounts Pay

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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