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Calculate the net income to be reported by the company

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Problem 1: ABC Company generated revenues amounting to Php 200,000. Expenses for the year totaled to Php 80,000. How much is the company's net income for the year?

At the end of the first month of operations for JM's Service Company, the business had the following accounts:

Cash, Php 30,000;
Prepaid Rent, Php5,000;
Equipment, Php 50,000, and
Accounts Payable Php12,000.

Problem 2: By the end of the month, Jackson's had earned Php 25,000 of Revenues, Php2,000 of Utility expenses, and Php10,500 of Salaries Expenses. Calculate the net income to be reported by the company for the first month.

Reference no: EM132995947

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