On January 1, 2021 Asset of Matalino Company was P2,500,000 and its liabilities was P800,000. By December 31, 2021 Asset of Matalino Company was P4,700,000 and its liabilities was P1,200,000. During the year the owner withdrew merchandise costing P100,000 with a sales value of P150,000. The owner also paid a P1,000,000 notes payable of the business with interest of 12% for nine months with a check drawn on a personal checking account. How much is the net income (loss) for Matalino Company as of December 31, 2021? Present solutions in good accounting form. No parenthetical solutions. Thanks and God bless!
On January 1, 2021 Asset of Matalino Company was P2,500,000 and its liabilities was P800,000. By December 31, 2021 Asset of Matalino Company was P4,700,000 and its liabilities was P1,200,000. During the year the owner withdrew merchandise costing P100,000 with a sales value of P150,000. The owner also paid a P1,000,000 notes payable of the business with interest of 12% for nine months with a check drawn on a personal checking account. How much is the net income (loss) for Matalino Company as of December 31, 2021? Present solutions in good accounting form. No parenthetical solutions. Thanks and God bless!
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter2: Basic Accounting Systems: Cash Basis
Section: Chapter Questions
Problem 6CDQ: Capstone Consulting Services acquired land 5 years ago for $200,000. Capstone recently signed an...
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| On January 1, 2021 Asset of Matalino Company was P2,500,000 and its liabilities was P800,000. By December 31, 2021 Asset of Matalino Company was P4,700,000 and its liabilities was P1,200,000. During the year the owner withdrew merchandise costing P100,000 with a sales value of P150,000. The owner also paid a P1,000,000 notes payable of the business with interest of 12% for nine months with a check drawn on a personal checking account. |
| How much is the net income (loss) for Matalino Company as of December 31, 2021? |
Present solutions in good accounting form. No parenthetical solutions. Thanks and God bless!
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