The total assets and total liabilities of Missy's Draperies, a proprietorship, at the beginning and at the end of the current fiscal year are as follows Jan 1 Dec 31 Total assets P250,000 P430,000 Total liabilities 200,000 140,000 Determine the amount of net income earned during the year The owner did not invest any additional assets in the business during the year and made no withdrawals Determine the amount of net income during the year The assets and liabilities at the beginning and at the end of the year are unchanged from the amounts presented above However, the owner withdrew P32,000 in cash during the year (no additional investments) Determine the amount of net income earned during the year The assets and liabilities at the beginning and at the end of the year are unchanged from the amounts presented above However, the owner invested an additional P40,000 in cash in the business in June of the current fiscal year (no withdrawals) Determine the amount of net income earned during the year The assets and liabilities at the beginning and at the end of the year are unchanged from the amounts presented above However, the owner invested an additional P10,000 in cash in August of the current fiscal year and made twelve monthly cash withdrawals of P3,000 each during the year

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Posted on Jul 19, 2024

The total assets and total liabilities of Missy's Draperies, a proprietorship, at the beginning and at the end of the current fiscal year are as follows:

Jan. 1 Dec. 31

Total assets P250,000 P430,000

Total liabilities 200,000 140,000

Determine the amount of net income earned during the year. The owner did not invest any additional assets in the business during the year and made no withdrawals.
Determine the amount of net income during the year. The assets and liabilities at the beginning and at the end of the year are unchanged from the amounts presented above. However, the owner withdrew P32,000 in cash during the year (no additional investments).
Determine the amount of net income earned during the year. The assets and liabilities at the beginning and at the end of the year are unchanged from the amounts presented above. However, the owner invested an additional P40,000 in cash in the business in June of the current fiscal year (no withdrawals).
Determine the amount of net income earned during the year. The assets and liabilities at the beginning and at the end of the year are unchanged from the amounts presented above. However, the owner invested an additional P10,000 in cash in August of the current fiscal year and made twelve monthly cash withdrawals of P3,000 each during the year.