retained earnings for the year. What is the net income for the current year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Question 3
An entity provided the following increases in
account balances that occurred during the
current year:
Assets
Liabilities
Share Capital
Share Premium
9000,000
3000,000
5000,000
500,000
Except for a P2000,000 dividend payment,
the year's earnings and 200,000 prior period
error from understatement of ending
inventory, there were no other changes in
retained earnings for the year. What is the
net income for the current year?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1c0c5867-ff05-41bf-8585-aeed4d90f7f0%2F8c1328e5-28dd-4424-99c4-d38b35690dc2%2Fq6qy2rn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 3
An entity provided the following increases in
account balances that occurred during the
current year:
Assets
Liabilities
Share Capital
Share Premium
9000,000
3000,000
5000,000
500,000
Except for a P2000,000 dividend payment,
the year's earnings and 200,000 prior period
error from understatement of ending
inventory, there were no other changes in
retained earnings for the year. What is the
net income for the current year?
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