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Holy Company provided the following increase (decrease) in ledger account balances during the current year: Cash - 800,000; Accounts Receivable -(400,000); Inventory - 300,000; Equipment - 950,000; Note payable-bank - 500,000; Accounts payable - (600,000); Share capital - 1,000,000. There were no transactions affecting retained earnings other than a P1,500,000 cash dividend. What was the net income for the current year? Can you please show the solution?

Holy Company provided the following increase (decrease) in ledger account balances during the current year: Cash - 800,000; Accounts Receivable -(400,000); Inventory - 300,000; Equipment - 950,000; Note payable-bank - 500,000; Accounts payable - (600,000); Share capital - 1,000,000. There were no transactions affecting retained earnings other than a P1,500,000 cash dividend. What was the net income for the current year? Can you please show the solution?

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter14: Statement Of Cash Flows
Section: Chapter Questions
Problem 54P
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Holy Company provided the following increase (decrease) in ledger account balances during the current year: Cash - 800,000; Accounts Receivable -(400,000); Inventory - 300,000; Equipment - 950,000; Note payable-bank - 500,000; Accounts payable - (600,000); Share capital - 1,000,000. There were no transactions affecting retained earnings other than a P1,500,000 cash dividend. What was the net income for the current year?

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