1. For each of the following, determine the amount of net income or net loss for the year.

(a) Revenues for the year totaled P90,500 and expenses totaled P44,500. The owner made an additional investment of P15,000 during the year.

(b) Revenues for the year totaled P75,500 and expenses totaled P110,500.

The owner withdrew P20,000 during the year.

(c) Revenues for the year totaled P198,000 and expenses totaled P85,000. The owner invested an additional P20,000 and withdrew P15,000 during the year.

(d) Revenues for Smith Co. totaled P273,500 and expenses totaled P263,800. Cash withdrawals of P30,000 were paid during the year.