The owner's equity of FDNACCT was P190,000 at January 1, 2020. The assets and liabilities on December 31, 2020, the end of the accounting year, and its revenue and expenses for the year are listed below. Accounts Payable P 1,200 Accounts Receivable 12,340 Building 143,670 Cash 32,990 Cleaning Expense 560 Fees Earned 82,350 Land 65,000 Miscellaneous Expense 220 Office Supplies 1,670 Owner's Drawings 3,000 Wages Expense 35,770 How much is the net income for the year ended December 31, 2020?

The owner's equity of FDNACCT was P190,000 at January 1, 2020. The assets and liabilities on December 31, 2020, the end of the accounting year, and its revenue and expenses for the year are listed below. Accounts Payable P 1,200 Accounts Receivable 12,340 Building 143,670 Cash 32,990 Cleaning Expense 560 Fees Earned 82,350 Land 65,000 Miscellaneous Expense 220 Office Supplies 1,670 Owner's Drawings 3,000 Wages Expense 35,770 How much is the net income for the year ended December 31, 2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 3MC

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