Question 24 Based on the following post-diasing trial balance of Rigodon Corporation on June 30, the end of its fiscal year. P 25,000 Accrued Insurance Expense 50,000 Office Equipment P 10,000 s0,000 Notes Payable Cash Uneamed Rental Income 5,000 Accum. Depreciation - Office Eapat 8,000 Unused Supplies Accounts Receivable 1,500 Furniture 12,000 Accum Depreciation - Furniture 2,000 40,000 2,000 Allow. for Bad Debts If the owner's drawing is P 100,000 and the beginning owner's equity is P 185,000, How much is the net profit? O a P 109,000 P 101,000 OO P 102.000 P 121,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Question 24
Based on the following post-dasing trial balance of Rigodon Corporation on June 30, the end of its fiscal year.
P 10,000
s0,000
Uneamed Rental Income 5,000 Accum. Depreciation - Office Eapat 8,000
40,000
2,000
Notes Payable
Cash
P 25,000 Accrued Insurance Expense
50,000 Office Equipment
Unused Supplies
Accounts Receivable
Allow. for Bad Debts
1,500 Furniture
12,000 Accum Depreciation - Furniture
2,000
If the owner's drawing is P 100,000 and the beginning owner's equity is P 185,000, How much is the net profit?
P 109,000
P 101,000
P 102.000
P 121,000
Transcribed Image Text:Question 24 Based on the following post-dasing trial balance of Rigodon Corporation on June 30, the end of its fiscal year. P 10,000 s0,000 Uneamed Rental Income 5,000 Accum. Depreciation - Office Eapat 8,000 40,000 2,000 Notes Payable Cash P 25,000 Accrued Insurance Expense 50,000 Office Equipment Unused Supplies Accounts Receivable Allow. for Bad Debts 1,500 Furniture 12,000 Accum Depreciation - Furniture 2,000 If the owner's drawing is P 100,000 and the beginning owner's equity is P 185,000, How much is the net profit? P 109,000 P 101,000 P 102.000 P 121,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Ratio Analysis
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.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education