Bee Company's net income for 2018, 2019, and 2020 were P100,000; P145,000; and P185,000 respectively. The following items were not properly handled: a. Rent of P6,500 for 2021 was received from a lessee on December 31, 2020, and was recorded as outright income in 2020. b. Salaries payable at the end of the following years were omitted: December 31, 2017 2,500 December 31, 2018 5,500 December 31, 2019 7,500 December 31, 2020 4,700 c+ The following unused office supplies were omitted in the accounting records: December 31, 2017 3,500 6,500 December 31, 2018 December 31, 2019 3,700 December 31, 2020 7,100

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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What is the corrected 2019 Net Income? *
Bee Company's net income for 2018, 2019, and 2020 were P100,000; P145,000; and
P185,000 respectively. The following items were not properly handled:
a.
Rent of P6,500 for 2021 was received from a lessee on December 31, 2020, and was
recorded as outright income in 2020.
b. Salaries payable at the end of the following years were omitted:
December 31, 2017
2,500
December 31, 2018
5,500
December 31, 2019
7,500
December 31, 2020
4,700
c+ The following unused office supplies were omitted in the accounting records:
December 31, 2017
3,500
6,500
December 31, 2018
December 31, 2019
December 31, 2020
3,700
7,100
O 123,700
O 140,200
146,700
159,300
O none of the them
Transcribed Image Text:What is the corrected 2019 Net Income? * Bee Company's net income for 2018, 2019, and 2020 were P100,000; P145,000; and P185,000 respectively. The following items were not properly handled: a. Rent of P6,500 for 2021 was received from a lessee on December 31, 2020, and was recorded as outright income in 2020. b. Salaries payable at the end of the following years were omitted: December 31, 2017 2,500 December 31, 2018 5,500 December 31, 2019 7,500 December 31, 2020 4,700 c+ The following unused office supplies were omitted in the accounting records: December 31, 2017 3,500 6,500 December 31, 2018 December 31, 2019 December 31, 2020 3,700 7,100 O 123,700 O 140,200 146,700 159,300 O none of the them
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