(a)
Net Income:
Net income is the profit or total earnings of a company. The value of the net income is obtained by deducting various expenses incurred in doing business, including
The net income of W. P. for the year 2019.
(b)
Balance sheet is a financial statement that shows the available assets (owner’s equity and outsider’s equity) and owed liabilities from investing and financial activities of a company. This statement reveals the financial health of company. The main components of balance sheet are assets, liabilities, and
To prepare: The balance sheet for W. P. as on December 31, 2019.

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Chapter 1 Solutions
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