On September 1, 2020, Kayo Na Consulting. began a service proprietorship with an initial investment of P400,000. Kayo Na provided P800,000 of services during September. Collections were made except for P200,000 which were paid the following month. Expenses were incurred in the amount of P400,000, including P100,000 which are to be paid next month. The owener withdrew P60,000 against the capital account. In September 30, 2020 financial statement, what amount of capital should be reported under cash basis accounting? P840,000 P740,000 P800,000 P640,000

On September 1, 2020, Kayo Na Consulting. began a service proprietorship with an initial investment of P400,000. Kayo Na provided P800,000 of services during September. Collections were made except for P200,000 which were paid the following month. Expenses were incurred in the amount of P400,000, including P100,000 which are to be paid next month. The owener withdrew P60,000 against the capital account. In September 30, 2020 financial statement, what amount of capital should be reported under cash basis accounting? P840,000 P740,000 P800,000 P640,000

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Description: On September 1, 2020, Kayo Na Consulting. began a service proprietorship with an initial investment of P400,000. Kayo Na provided P800,000 of services during September. Collections were made except for P200,000 which were paid the following month. Ex

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 45P

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