The Owner's Capital has a beginning balance of P500,545. The owner gave P300,000 additional investment during the year. Based on the Statement of Profit or Loss, net income for the year was P120,445. The Owner's Capital ending balance is P300,000. How much money did the owner withdraw from the business?

The Owner's Capital has a beginning balance of P500,545. The owner gave P300,000 additional investment during the year. Based on the Statement of Profit or Loss, net income for the year was P120,445. The Owner's Capital ending balance is P300,000. How much money did the owner withdraw from the business?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter3: Tax Formula And Tax Determination; An Overview Of property Transactions

Section: Chapter Questions

Problem 26CE

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