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Problem 1: Johnny Suh is the sole owner and operator of Johnny Communication Company (JCC). As of the end of its accounting period, December 31, 2020, JCC has assets of P925,000 and liabilities of P285,000. During 2021, Johnny invested an additional P50,000 and withdrew P30,000 from the business. What is the amount of net income during 2021, assuming that as of December 31, 2021, assets were P980,000, and liabilities were P255,000?
Group of answer choices
Option 1: P165,000
Option 2: P725,000
Option 3: P 65,000
Option 4: P 95,000
Financial Statement Analysis and Preparation
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