Compute the net income for the year. 24,000 11,000 37,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented below is certain information pertaining to Edson Company. Assets, January 1 P240,000; Assets, December 31 230,000; Liabilities, January 1 150,000; Share capital, December 31 80,000; Retained earnings , December 31 31,000; Ordinary shares sold during the year 10,000; Dividends declared during the year 13,000; Compute the net income for the year.
24,000
11,000
37,000
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