Answered: Jungle’s net income/loss for 2024?

Business

Accounting

Jungle’s net income/loss for 2024?

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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Question

Jungle Company’s account balances during 2024 showed the following changes, all increases:

Total asset	3,600,000
Total liabilities	1,100,000
Ordinary share capital	2,400,000
Share premium	240,000

The retained earnings were affected by the following transactions; cash dividend of P520,000, property dividend of P480,000; a debit adjustment as a result of change in accounting policy of P200,000 and a credit adjustment as a result of a prior period error of P170,000. How much is Jungle’s net income/loss for 2024?

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

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