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Compute the net income of nido company for the year

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Nido Company keeps limited records. Its assets and liabilities at the beginning and end of the current year are as follows:


   Beginning   End
  Cash in Bank      P 30,000     P ( 5,000)
   Accounts Receivable   50,000     70,000
   Merchandise Inventory 100,000    80,000
  Accounts Payable   40,000     20,000
  Notes Payable-Bank       20,000      25,000
      Office Equipment (net)  80,000     60,000

During the year, the owner withdrew cash of P12,000 and made additional investments of P50,000.

Problem 1: Compute the net income (loss) of Nido Company for the year. (Hint: Use Accounting Equation)

Reference no: EM132623367

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