Please answer correctly. Thank you. Question 322 ptsThe owner's equity of FDNACCT was P190,000 at January 1, 2020. The assets andliabilities on December 31, 2020, the end of the accounting year, and its revenue andexpenses for the year are listed below.Accounts PayableP.1,200Accounts Receivable12,340Building143,670Cash32,990Cleaning Expense560Fees Earned81,350 Cash32,990Cleaning Expense560Fees Earned81,350Land65,000Miscellaneous Expense220Office Supplies1,670Owner's Drawings3,000Wages Expense36,770How much is the net income for the year ended December 31, 2020?

1. Income Statement - This statement shows the income earned and loss incurred by the organization…

Cash 32,990 Cleaning Expense 560 Fees Earned 81,350 Land 65,000 Miscellaneous Expense 220 Office Supplies 1,670 Owner's Drawings 3,000 Wages Expense 36,770 How much is the net income for the year ended December 31, 2020?

Cash 32,990 Cleaning Expense 560 Fees Earned 81,350 Land 65,000 Miscellaneous Expense 220 Office Supplies 1,670 Owner's Drawings 3,000 Wages Expense 36,770 How much is the net income for the year ended December 31, 2020?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 94PSA

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

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Please answer correctly. Thank you.

Cash
32,990
Cleaning Expense
560
Fees Earned
81,350
Land
65,000
Miscellaneous Expense
220
Office Supplies
1,670
Owner's Drawings
3,000
Wages Expense
36,770
How much is the net income for the year ended December 31, 2020?

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Sh11
Problem 10-34 (Algo)
5