You are given the following selected data after one year of operation of Total Face Up owned by Dr. Dina. Revenue from facial treatment services collected in cash P 250,000 Revenue from facial treatment services rendered on account 125,000 Cash collected from account customers 50,000 Dr. Dina, Capital's cash investment 520,000 Operating expenses incurred on account: Utilities 125,000 Operating expenses incurred for cash: Salary of Nurse 50,000 Rent of Clinic 25,000 Medical supplies bought (of which P 5,000 are still on hand) 10,000 Cash withdrawn by Dr. Dina 5,000
You are given the following selected data after one year of operation of Total Face Up owned by Dr. Dina. Revenue from facial treatment services collected in cash P 250,000 Revenue from facial treatment services rendered on account 125,000 Cash collected from account customers 50,000 Dr. Dina, Capital's cash investment 520,000 Operating expenses incurred on account: Utilities 125,000 Operating expenses incurred for cash: Salary of Nurse 50,000 Rent of Clinic 25,000 Medical supplies bought (of which P 5,000 are still on hand) 10,000 Cash withdrawn by Dr. Dina 5,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
At year end, what was the total revenue and total expenses?
what was the net income?
Transcribed Image Text:PROBLEM B: For items 4-10. Refer to this problem
You are given the following selected data after one year of operation of Total Face Up owned by Dr.
Dina.
Revenue from facial treatment services collected in cash
P 250,000
Revenue from facial treatment services rendered on account
125,000
Cash collected from account customers
50,000
Dr. Dina, Capital's cash investment
520,000
Operating expenses incurred on account: Utilities
125,000
Operating expenses incurred for cash: Salary of Nurse
50,000
Rent of Clinic
25,000
Medical supplies bought (of which P 5,000 are still on hand)
10,000
Cash withdrawn by Dr. Dina
5,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education