Kline Corporation had net income of P2 million in 2006. Using the 2006 financial elements as the base data, net income decreased by 70 percent in 2007 and increased by 175 percent in 2008. The respective net income reported by Kline Corporation for 2007 and 2008 are: a. P600,000 and P5,500,000 b. P5,500,000 and P 600,000 c. P1,400,000 and P3,500,000 d. P1,400,000 and P5,500,000

Kline Corporation had net income of P2 million in 2006. Using the 2006 financial elements as the base data, net income decreased by 70 percent in 2007 and increased by 175 percent in 2008. The respective net income reported by Kline Corporation for 2007 and 2008 are: a. P600,000 and P5,500,000 b. P5,500,000 and P 600,000 c. P1,400,000 and P3,500,000 d. P1,400,000 and P5,500,000

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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