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What is the net income?

What is the 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 net income?

The following refer to X Company for the year 2019: Sales revenue P960,000 WIP, 12/31/2019 WIP, 1/1/2019 Selling and administrative expenses Income tax expense 30,000 40,000 150,000 90,000 Purchase of raw materials 180,000 Raw materials, 12/31/2019 Raw materials, 1/1/2019 25,000 40,000 Direct labor 200,000 Utilities: plant Depreciation: plant and equipment Finished goods, 12/31/2019 Finished goods, 1/1/2019 Accumulated Depreciation account-factory 40,000 60,000 50,000 20,000 140,000 Indirect material 10,000 Indirect labor 15,000 Other manufacturing overhead 80,000 What is the net income?
Transcribed Image Text:The following refer to X Company for the year 2019: Sales revenue P960,000 WIP, 12/31/2019 WIP, 1/1/2019 Selling and administrative expenses Income tax expense 30,000 40,000 150,000 90,000 Purchase of raw materials 180,000 Raw materials, 12/31/2019 Raw materials, 1/1/2019 25,000 40,000 Direct labor 200,000 Utilities: plant Depreciation: plant and equipment Finished goods, 12/31/2019 Finished goods, 1/1/2019 Accumulated Depreciation account-factory 40,000 60,000 50,000 20,000 140,000 Indirect material 10,000 Indirect labor 15,000 Other manufacturing overhead 80,000 What is the net income?
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