ABC Company had the following ledger balances for the year 2021. Equipment P 380,000 Advertising Expense P 48,000 Prepaid insurance 26,250 Cash 62,000 Service Income 380,000 Salaries Expense 108,000 Accrued Interest Income 30,000 Utilities Expense 19,750 Gas and Oil Expense 75,000 Unused Supplies 36,000 Unearned Service Income 25,000 Owner, Capital 340,000 Owner, Drawing 20,000 Accrued Rent Expense 40,000 How much is the net income for the year 2021?

ABC Company had the following ledger balances for the year 2021. Equipment P 380,000 Advertising Expense P 48,000 Prepaid insurance 26,250 Cash 62,000 Service Income 380,000 Salaries Expense 108,000 Accrued Interest Income 30,000 Utilities Expense 19,750 Gas and Oil Expense 75,000 Unused Supplies 36,000 Unearned Service Income 25,000 Owner, Capital 340,000 Owner, Drawing 20,000 Accrued Rent Expense 40,000 How much is the net income for the year 2021?

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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