Galactic Universe Company had the following financial information: 2018 P 1,350,000 P 1,000,000 650,000 P 350,000 2019 Revenue Expenses Net income 980,000 P 370,000 12/31/2019 12/31/2018 P 1,570,000 P 500,000 P 1,070,000 P 1,050,000 P 350,000 P 700,000 Total Assets Total Liabilities Total Owner's Equity Galactic failed to record P 120,000 of accrued wages at the end of 2018. The w led and paid in January 2019. The correct accruals were made on December 31, 2 6. What is the corrected net income for 2018? С. Р 350,000 D. P 230,000 A. P 250,000 В. Р470,000
Galactic Universe Company had the following financial information: 2018 P 1,350,000 P 1,000,000 650,000 P 350,000 2019 Revenue Expenses Net income 980,000 P 370,000 12/31/2019 12/31/2018 P 1,570,000 P 500,000 P 1,070,000 P 1,050,000 P 350,000 P 700,000 Total Assets Total Liabilities Total Owner's Equity Galactic failed to record P 120,000 of accrued wages at the end of 2018. The w led and paid in January 2019. The correct accruals were made on December 31, 2 6. What is the corrected net income for 2018? С. Р 350,000 D. P 230,000 A. P 250,000 В. Р470,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Galactic Universe Company had the following financial information:
2018
P 1,000,000
650,000
P 350,000
2019
P 1,350,000
980,000
P 370,000
Revenue
Expenses
Net income
12/31/2019
12/31/2018
P 1,570,000
P 500,000
P 1,070,000
P 1,050,000
P 350,000
700,000
Total Assets
Total Liabilities
Total Owner's Equity
P
Galactic failed to record P 120,000 of accrued wages at the end of 2018. The wages were
recorded and paid in January 2019. The correct accruals were made on December 31, 2019.
6. What is the corrected net income for 2018?
С. Р 350,000
D. P 230,000
A. P 250,000
В. Р470,000
Transcribed Image Text:6. What is the corrected net income for 2018?
A. P 250,000
В. Р470,000
C. P 350,000
D. P 230,000
7.
What is the corrected net income for 2019?
A. P 250,000
В. Р 370,000
С. Р 430,000
D. P 490,000
8. The corrected total liabilities on December 31, 2018 should be
A. P 400,000
В. Р 230,000
C. P 500,000
D. P 470,000
9. The corrected total owner's equity on December 31, 2019 should be
A. P1,190,000
В. Р 950,000
C. P 1,010,000
D. P 1,070,000
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