Use the following information for questions 1 to 7. 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)
Use the following information for questions 1 to 7. 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)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...
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![4. The entry to close Income Summary to Mira
Co, Capital includes
5. At January 1, 2021, Mira Co. reported
owner's equity of P50,000. Owner's drawings
for the year totaled P10,000. At December 31,
2021, the company will report owner's equity of](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F692a0e35-c543-41e6-b99a-189eaa78f122%2F7338b95f-d2d1-4027-b4c5-1051a9977b8c%2F5tggdr4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4. The entry to close Income Summary to Mira
Co, Capital includes
5. At January 1, 2021, Mira Co. reported
owner's equity of P50,000. Owner's drawings
for the year totaled P10,000. At December 31,
2021, the company will report owner's equity of
![Use the following information for questions 1 to 7.
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)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F692a0e35-c543-41e6-b99a-189eaa78f122%2F7338b95f-d2d1-4027-b4c5-1051a9977b8c%2Fsa28cd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Use the following information for questions 1 to 7.
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)
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