Core Company reported the following increases (decreases) in the accounts for the current year: Cash 1,500,000 3,500,000 3,900,000 (1,000,000) Accounts receivable (net) Inventory Investments Equipment Accounts payable Bonds payable 3,000,000 (800,000) 2,000,000 During the year, the entity sold 100,000 shares with P20 par value for P30 per share and received cash in full. Dividend of P1,500,000 was paid in cash during the year. Equipment with fair value of P2,000,000 was donated by a shareholder during the year.
Core Company reported the following increases (decreases) in the accounts for the current year: Cash 1,500,000 3,500,000 3,900,000 (1,000,000) Accounts receivable (net) Inventory Investments Equipment Accounts payable Bonds payable 3,000,000 (800,000) 2,000,000 During the year, the entity sold 100,000 shares with P20 par value for P30 per share and received cash in full. Dividend of P1,500,000 was paid in cash during the year. Equipment with fair value of P2,000,000 was donated by a shareholder during the year.
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
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 55E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...
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Question
What amount was reported as net income for the current year?
a. 6,200,000
b. 9,700,000
c. 8,200,000
d. 7,700,000
Transcribed Image Text:Core Company reported the following increases (decreases) in the accounts for the current
year:
1,500,000
3,500,000
Cash
Accounts receivable (net)
Inventory
3,900,000
(1,000,000)
3,000,000
(800,000)
Investments
Equipment
Accounts payable
Bonds payable
2,000,000
During the year, the entity sold 100,000 shares with P20 par value for P30 per share and
received cash in full.
Dividend of P1,500,000 was paid in cash during the year.
Equipment with fair value of P2,000,000 was donated by a shareholder during the year.
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