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Determine what was net income

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For XYZ Clothing Stores, cash outflow from investing was P50,000. Cash inflow from financing was P13,000. These account balances are known:

                               Beginning                       Ending

Cash                             P10,000               P13,000

Account receivable             32,000               40,000

Inventory                           50,000             45,000

Accounts payable                 27,000              40,000

Question 1: What was net income?

Reference no: EM132555833

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