Problem 2.ABC Company started the accounting period with a capital balance of P456,000 and ended the periodwith a capital balance of P474,000. During the period, the owner made an additional investment ofP10,000 and personal withdrawals of P20,000. How much is the net income enjoyed or net loss sufferedby the company during the period?a. P8,000 net incomeb. P8,000 net lossc. P28,000 net incomed. P28,000 net lossProblem 3.ABM Company's capital balance is P300,000 on December 31, 2018. During 2019, net incomeamounted to P90,000 and personal owner withdrawals amounted to P12,000. 2020 has been a difficultyear for the company. To sustain operations, additional investment was made in the middle of 2020amounting to P95,000. However, loss was still suffered amounting to P42,000. Withdrawals of theowner for personal use amounted to P50,000. How much shall be reported by the company as capitalbalance on the December 31, 2020 SCE?a. P378,000b. P381,000c. P415,000d. P465,000

Name: Problem 2.ABC Company started the accounting period with a capital ba
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Description: Problem 2.ABC Company started the accounting period with a capital balance of P456,000 and ended the periodwith a capital balance of P474,000. During the period, the owner made an additional investment ofP10,000 and personal withdrawals of P20,000.

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Problem 2. ABC Company started the accounting period with a capital balance of P456,000 and ended the period with a capital balance of P474,000. During the period, the owner made an additional investment of P10,000 and personal withdrawals of P20,000. How much is the net income enjoyed or net loss suffered by the company during the period? a. P8,000 net income b. P8,000 net loss c. P28,000 net income d. P28,000 net loss

Problem 2. ABC Company started the accounting period with a capital balance of P456,000 and ended the period with a capital balance of P474,000. During the period, the owner made an additional investment of P10,000 and personal withdrawals of P20,000. How much is the net income enjoyed or net loss suffered by the company during the period? a. P8,000 net income b. P8,000 net loss c. P28,000 net income d. P28,000 net loss

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4TP: You are considering two possible companies for investment purposes. The following data is available...

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