Use the following information for questions 1 to 7. The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue P70,000 Expenses: Salary Expense P45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense Utilities Expense Insurance Expense Total Expenses Net Income (Loss) 6,000 2,500 2,000 73,500 (P3,500)

Use the following information for questions 1 to 7. The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue P70,000 Expenses: Salary Expense P45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense Utilities Expense Insurance Expense Total Expenses Net Income (Loss) 6,000 2,500 2,000 73,500 (P3,500)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

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