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How much is the total equity at the end of the period

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Question 1 - At the start of the period, ABC Company has total assets of P500,000 and total liabilities of P300,000. During the period, the business earned total income of P1,000,000 and incurred total expenses of P640,000. No additional investments or withdrawals were made by the owner. How much is the total equity at the end of the period?

Question 2 - An automobile repair shop renders various car repair services for P25,000 on April 12. The shop sent a statement of account on April 15 and a payment was received on May 2. The amount was deposited with the bank on May 3. The firm uses accrual accounting. When is the P25,000 considered to be earned?

Reference no: EM133165315

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