TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year, December...

 

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TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year, December 31, 2021: Cash Accounts receivable, net Inventory Prepaid expenses Land Accounts payable Bonds payable Share capital Share premium Increase (decrease) 1,500,000 500,000 2,000,000 (100,000) 5,000,000 (1,100,000) 4,000,000 4,000,000 1,000,000 Dividends of P1,500,000 was paid during the year and that no other transactions affected the retained earnings. What is the net income for the period. On January 1, 2021 Asset of Matalino Company was P2,500,000 and its liabilities was P800,000. By December 31, 2021 Asset of Matalino Company was P4,700,000 and its liabilities was P1,200,000. During the year the owner withdrew merchandise costing P100,000 with a sales value of P150,000. The owner also paid a P1,000,000 notes payable of the business with interest of 12% for nine months with a check drawn on a personal checking account. How much is the net income (loss) for Matalino Company as of December 31, 2021? TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year, December 31, 2021: Cash Accounts receivable, net Inventory Prepaid expenses Land Accounts payable Bonds payable Share capital Share premium Increase (decrease) 1,500,000 500,000 2,000,000 (100,000) 5,000,000 (1,100,000) 4,000,000 4,000,000 1,000,000 Dividends of P1,500,000 was paid during the year and that no other transactions affected the retained earnings. What is the net income for the period. On January 1, 2021 Asset of Matalino Company was P2,500,000 and its liabilities was P800,000. By December 31, 2021 Asset of Matalino Company was P4,700,000 and its liabilities was P1,200,000. During the year the owner withdrew merchandise costing P100,000 with a sales value of P150,000. The owner also paid a P1,000,000 notes payable of the business with interest of 12% for nine months with a check drawn on a personal checking account. How much is the net income (loss) for Matalino Company as of December 31, 2021?

Answer rating: 100% (QA)

To calculate the net income for the first scenario we need to consider the changes in the account ba... View the full answer