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TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year, December 31, 2021: Increase (decrease) Cash 1,500,000 Accounts receivable, net 500,000 Inventory 2,000,000 Prepaid expenses (100,000) Land 5,000,000 (1,100,000) 4,000,000 Accounts payable Bonds payable Share capital Share premium 4,000,000 1,000,000 Dividends of P1,500,000 was paid during the year and that no other transactions affected the retained earnings. What is the net income for the period.

TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year, December 31, 2021: Increase (decrease) Cash 1,500,000 Accounts receivable, net 500,000 Inventory 2,000,000 Prepaid expenses (100,000) Land 5,000,000 (1,100,000) 4,000,000 Accounts payable Bonds payable Share capital Share premium 4,000,000 1,000,000 Dividends of P1,500,000 was paid during the year and that no other transactions affected the retained earnings. What is the net income for the period.

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 net income for the period? 

TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year, December 31, 2021: Increase (decrease) Cash 1,500,000 Accounts receivable, net 500,000 Inventory 2,000,000 Prepaid expenses (100,000) Land 5,000,000 Accounts payable (1,100,000) Bonds payable 4,000,000 Share capital 4,000,000 Share premium 1,000,000 Dividends of P1,500,000 was paid during the year and that no other transactions affected the retained earnings. What is the net income for the period.
Transcribed Image Text:TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year, December 31, 2021: Increase (decrease) Cash 1,500,000 Accounts receivable, net 500,000 Inventory 2,000,000 Prepaid expenses (100,000) Land 5,000,000 Accounts payable (1,100,000) Bonds payable 4,000,000 Share capital 4,000,000 Share premium 1,000,000 Dividends of P1,500,000 was paid during the year and that no other transactions affected the retained earnings. What is the net income for the period.
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