Solution-What is the corrected net income

What is the corrected net income

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Reference no: EM133061777

Question - GROW Company had the following financial statement information:

	2020	2019
Revenue	1,350,000	1,000,000
Expenses	980,000	650,000
Total assets	1,570,000	1,050,000
Total liabilities	500,000	350,000

GROW Company failed to record P120,000 of accrued wages at the end of 2019. The wages were recorded and paid in January 2020. The correct accruals were made on December 31, 2020.

Required -

a. What is the corrected net income for 2019?

b. What is the corrected net income for 2020?

c. The corrected total liabilities on December 31, 2019 should be?

Reference no: EM133061777

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What is the corrected net income : GROW Company failed to record P120,000 of accrued wages at the end of 2019. The wages were recorded and paid in January 2020. What is the corrected net income

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What is the corrected net income

Reference no: EM133061777

Reference no: EM133061777

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