How much would be the net income during the current year

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Question - Presented below are certain account balances of Home Products Company

Ending inventory P48,000

Rental income P6,500

Interest expense 12,700

Purchase returns and allowances 10,500

Beginning accumulated profits 114,400

Ending accumulated profits 134,000

Freight-in 10,100

Dividends income 71,000

Sales returns 12,400

Sales discounts 7,800

Selling expenses 99,400

Sales 390,000

Income tax 19,900

Beginning inventory 45,300

Purchases 190,000

Purchase discounts 2,500

Administrative expenses 82,500

Based on the data given above, how much would be the net income during the current year?

Reference no: EM133021656

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