S S Question 1 of 34 While examining the December 31, 2014 financial statements of Dawn Company, you discover the following: a) Inventory at January 1, 2014 had been overstated by P30,000. b) Inventory at December 31, 2014 was understated by P50,000. c) During 2014, Dawn received a P100,000 cash advance from a customer for merchandise to be manufactured and shipped during 2014. The amount was credited to sales revenue. d) The net income reported on the 2014 profit or loss before reflecting any adjustments for the above items is P3,000,000. What is the corrected net income for the year ended December 31, 2014? Select the correct response: Php 2,920,000 Php 2,980,000 Php 3,040,000 Php 3,080,000 Continue>

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