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Business
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Net income

Net income

FINANCIAL ACCOUNTING
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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What is the the Net income RESTATED in 2020?

Problem 1: ABC Company, an entity organized on January 1, 2018, provided the following information: 2019 2020 Cash and cash equivalents Inventory Equipment, net Land Current liabilities (all monetary) Noncurrent liabilities (all monetary) Share capital Retained earnings 3,000,000 4,250,000 2,200,000 3,000,000 1,500,000 1,400,000 4,500,000 4,500,000 1,500,000 2,000,000 6,000,000 6,500,000 3,000,000 3,000,000 1,650,000 8,000,000 2,200,000 5,200,000 3,000,000 1,700,000 100,000 500,000 350,000 700,000 Sales Inventory, January 1 Purchases Inventory, December 31 Operating expenses (excluding depreciation) Depreciation Income tax expense Cash dividend paid on December 31, 2020 Additional information: 1. The pertinent index numbers are: January 1, 2018 - 100 January 1, 2019 - 100 2. The land and equipment were acquired on January 1, 2018. December 31, 2019 – 120 December 31, 2020 – 200
Transcribed Image Text:Problem 1: ABC Company, an entity organized on January 1, 2018, provided the following information: 2019 2020 Cash and cash equivalents Inventory Equipment, net Land Current liabilities (all monetary) Noncurrent liabilities (all monetary) Share capital Retained earnings 3,000,000 4,250,000 2,200,000 3,000,000 1,500,000 1,400,000 4,500,000 4,500,000 1,500,000 2,000,000 6,000,000 6,500,000 3,000,000 3,000,000 1,650,000 8,000,000 2,200,000 5,200,000 3,000,000 1,700,000 100,000 500,000 350,000 700,000 Sales Inventory, January 1 Purchases Inventory, December 31 Operating expenses (excluding depreciation) Depreciation Income tax expense Cash dividend paid on December 31, 2020 Additional information: 1. The pertinent index numbers are: January 1, 2018 - 100 January 1, 2019 - 100 2. The land and equipment were acquired on January 1, 2018. December 31, 2019 – 120 December 31, 2020 – 200
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