Last January 1, 2020, Mrs. Dimalanta started a laundry shop business by contributing cash of P1,500,000. At the end of the year, assets totaled P3,000,000 while liabilities totaled P500,000. Additional contributions made during the year totaled P600,000, while periodic withdrawals totaled P400,000. Determine the net income for 2020

Last January 1, 2020, Mrs. Dimalanta started a laundry shop business by contributing cash of P1,500,000. At the end of the year, assets totaled P3,000,000 while liabilities totaled P500,000. Additional contributions made during the year totaled P600,000, while periodic withdrawals totaled P400,000. Determine the net income for 2020

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 10DQ

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