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Changes in the statement of financial position account balances for the Navaro Company during 2026 follows. Dividends declared during 2026 were P25,000. Account Increase (Decrease) Cash    95,500 Accounts receivable, net   92,000 Inventory   (30,000) Building and equipment, net 190,000 Patents     (5,000) Accounts payable   (75,000) Bonds payable 150,000 Share capital 100,000 Share premium   50,000   Calculate the net income for the year assuming that no transactions other than the dividends effected retained earnings. A. 292,500   B. 267,500   C. 142,500   D. 117,500

Changes in the statement of financial position account balances for the Navaro Company during 2026 follows. Dividends declared during 2026 were P25,000. Account Increase (Decrease) Cash    95,500 Accounts receivable, net   92,000 Inventory   (30,000) Building and equipment, net 190,000 Patents     (5,000) Accounts payable   (75,000) Bonds payable 150,000 Share capital 100,000 Share premium   50,000   Calculate the net income for the year assuming that no transactions other than the dividends effected retained earnings. A. 292,500   B. 267,500   C. 142,500   D. 117,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Changes in the statement of financial position account balances for the Navaro Company during 2026 follows. Dividends declared during 2026 were P25,000.

Account

Increase (Decrease)

Cash

   95,500

Accounts receivable, net

  92,000

Inventory

  (30,000)

Building and equipment, net

190,000

Patents

    (5,000)

Accounts payable

  (75,000)

Bonds payable

150,000

Share capital

100,000

Share premium

  50,000

 

Calculate the net income for the year assuming that no transactions other than the dividends effected retained earnings.

A.

292,500

 

B.

267,500

 

C.

142,500

 

D.

117,500
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