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 Core Company reported the following increases (decreases) in the accounts for the currentyear:1,500,0003,500,000CashAccounts receivable (net)Inventory3,900,000(1,000,000)3,000,000(800,000)InvestmentsEquipmentAccounts payableBonds payable2,000,000During the year, the entity sold 100,000 shares with P20 par value for P30 per share andreceived 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.

Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…

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.

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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