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Determine the net income of Mr Michael

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Question - Financial data of Mr. Michael Shoemaker are as follows

 

Jan-01

Dec-31

Total assets

314,000

472,000

Total Liabilities

197,000

281,000

Mr. Michael made an additional investment of P204,000 and a cash withdrawal of P76,000 during the year.

Required - Determine the net income (loss) of Mr. Michael.

Reference no: EM132528823

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