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An analysis of the records of Laurence Company disclosed the changes for the year 2017 and the supplementary data listed below:Cash - P225,000 increase; Accounts Receivable - P150,000 decrease; Merchandise Inventory - P100,000 increase; Accounts Payable - P50,000 increase; Prepaid Expenses - P10,000 increase; Accrued Expenses - P20,000 increase; Unearned Rental Revenue - P15,000 decrease. During 2017, Laurence, the owner borrowed P250,000 in notes from the bank and paid off notes of P150,000 and interest of P25,000. Interest of P15,000 is accrued on December 31, 2017. There was no accrued interest on notes payable at December 31, 2016.
Problem 1: In the same year, Laurence transferred trading securities to the business which were sold for P125,000 to finance the purchase of inventory items. He also made withdrawals in 2017 of P25,000. What was the net loss for the year 2017?
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