The following data were made available: December 31, 20PY December 31, 20CY Total Assets P1, 000,000 P2, 000,000 Total Liabilities Net Assets (Capital) 600,000 1,400,000 400,000 600,000 For Single Proprietorship or Partnership: Additional Investments 500,000 Withdrawals 600,000 For Corporation: Retained Earnings 100,000 200,000
The following data were made available: December 31, 20PY December 31, 20CY Total Assets P1, 000,000 P2, 000,000 Total Liabilities Net Assets (Capital) 600,000 1,400,000 400,000 600,000 For Single Proprietorship or Partnership: Additional Investments 500,000 Withdrawals 600,000 For Corporation: Retained Earnings 100,000 200,000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter24: Analysis Of Financial Statements
Section: Chapter Questions
Problem 5CE
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Question
![The following data were made available:
December 31, 20PY
December 31, 20CY
Total Assets
P1, 000,000
P2, 000,000
Total Liabilities
600,000
1,400,000
Net Assets (Capital)
400,000
600,000
For Single Proprietorship or Partnership:
Additional Investments
500,000
Withdrawals
600,000
For Corporation:
Retained Earnings
100,000
200,000
Capital Stock
300,000
400,000
Dividends declared and paid
300,000
Required:
a) Determine the net income for 20CY for a Single Proprietorship or Partnership.
b)
Determine the net income for 20CY for a Corporation.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc2e3ee4c-1614-4e24-b474-31d6139f17ea%2F0f270f55-7240-4b70-83dd-947d4a7d7da3%2F0d5s8fb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following data were made available:
December 31, 20PY
December 31, 20CY
Total Assets
P1, 000,000
P2, 000,000
Total Liabilities
600,000
1,400,000
Net Assets (Capital)
400,000
600,000
For Single Proprietorship or Partnership:
Additional Investments
500,000
Withdrawals
600,000
For Corporation:
Retained Earnings
100,000
200,000
Capital Stock
300,000
400,000
Dividends declared and paid
300,000
Required:
a) Determine the net income for 20CY for a Single Proprietorship or Partnership.
b)
Determine the net income for 20CY for a Corporation.
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