How much is the net income(loss) for the year? BROWN Company keeps limited records. Its assets...

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How much is the net income(loss) for the year? BROWN Company keeps limited records. Its assets and liabilities at the beginning and end of the current year are as follows: Cash in bank Accounts receivable, net Merchandise inventory Accounts payable Notes payable-bank Equipment, net Beginning 30,000 50,000 100,000 40,000 20,000 80,000 Ending 50,000 70,000 80,000 20,000 25,000 60,000 During the year, the owner withdrew cash of P120,000 and made additional investment of 950,000. How much is the net income(loss) for the year In its 2021 statement of cash flows, how much should be reported as net cash provided (used) by operating activities?(IF cash INFLOW, leave the numerical figure as positive, if cash OUTFLOW, put a negative sign (-) before the numerical figure) How much is the net income(loss) for the year? BROWN Company keeps limited records. Its assets and liabilities at the beginning and end of the current year are as follows: Cash in bank Accounts receivable, net Merchandise inventory Accounts payable Notes payable-bank Equipment, net Beginning 30,000 50,000 100,000 40,000 20,000 80,000 Ending 50,000 70,000 80,000 20,000 25,000 60,000 During the year, the owner withdrew cash of P120,000 and made additional investment of 950,000. How much is the net income(loss) for the year In its 2021 statement of cash flows, how much should be reported as net cash provided (used) by operating activities?(IF cash INFLOW, leave the numerical figure as positive, if cash OUTFLOW, put a negative sign (-) before the numerical figure)

Answer rating: 100% (QA)

To calculate the net income loss for the year we need to prepare a simplified income statement based on the changes in the owners equity We will start ... View the full answer