Paguio Raylie D.

A. True or False. Write TRUE if the statement is correct and FALSE if otherwise

1.true

2.true

3.false

4.true

5.true

6.false

7.false

8.false

9.true

10.true

B. Multiple Choice. Select the letter of the correct answers.

1. A

2. B

3. C

4. A

5. D

C. Prepare for the Income Statement (Service) of Cruz Law Firm for the year ended December 31, 2020

Answer:

Net Income : Php. 371,000

Step-by-step explanation:

Net Income/Loss = Revenue - Expenses

Higher Revenue, Low Expenses = Net Income

Lower Revenue, Higher Expenses = Net Loss