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

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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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

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.

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