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How much is the correct net income for the year ended

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Question - The net income reported by Kyo Repair Shop on December 31, 2018 was P262,000. The following documents were given by Kyo to the accountant after the income statement was prepared:

1) Insurance applicable for next year, P8,200.

2) Salaries unrecorded and unpaid, P4,000.

3) Interest on a P120,000 note issued to the bank by Smith Repair Shop at 16% per annum was not taken up.

4) Recorded to deferred income account was P60,000 of which 80% has been actually earned.

5) Depreciation of equipment, P12,000.

Required - How much is the correct net income for the year ended December 31, 2018?

Reference no: EM132744361

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