15. Use the following information for questions 15 to 17 Rodel's Car Repair Shop started the year with total assets of P270,000 and total liabilities of P180,000. During the year, the business recorded P450,000 in car repair revenue, P255,000 in expenses, and Rodel withdrew P45,000. Rodel's Capital balance at the end of the year was P240,000 P225,000 P285,000 P90,000 16. The net income reported by Rodel's Car Repair Shop for the year was P150,000 P195,000 P90,000 P405,000 17. Rodel's Capital balance changed by what amount from the beginning of the year to the end of the year? P150,000 P45,000 P195,000 P90,000

15. Use the following information for questions 15 to 17 Rodel's Car Repair Shop started the year with total assets of P270,000 and total liabilities of P180,000. During the year, the business recorded P450,000 in car repair revenue, P255,000 in expenses, and Rodel withdrew P45,000. Rodel's Capital balance at the end of the year was P240,000 P225,000 P285,000 P90,000 16. The net income reported by Rodel's Car Repair Shop for the year was P150,000 P195,000 P90,000 P405,000 17. Rodel's Capital balance changed by what amount from the beginning of the year to the end of the year? P150,000 P45,000 P195,000 P90,000

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.5E: The Accounting Equation Using the accounting equation, answer each of the following independent...

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