The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue P70,000 Expenses: Salary Expense P45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense Utilities Expense Insurance Expense Total Expenses Net Income (Loss) 6,000 2,500 2,000 73,500 (P3,500)

The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue P70,000 Expenses: Salary Expense P45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense Utilities Expense Insurance Expense Total Expenses Net Income (Loss) 6,000 2,500 2,000 73,500 (P3,500)

Name: 5. At January 1, 2021, Mira Co. reportedowner's equity of P50,000. Ow
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Description: 5. At January 1, 2021, Mira Co. reportedowner's equity of P50,000. Owner's drawingsfor the year totaled P10,000. At December31, 2021, the company will report owner'sequity ofP13,500P36,500P40,000P43,500 Use the following information for questions 1

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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