What is the corrected net income

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Question - GROW Company had the following financial statement information:

 

2020

2019

Revenue

1,350,000

1,000,000

Expenses

980,000

650,000

Total assets

1,570,000

1,050,000

Total liabilities

500,000

350,000

GROW Company failed to record P120,000 of accrued wages at the end of 2019. The wages were recorded and paid in January 2020. The correct accruals were made on December 31, 2020.

Required -

a. What is the corrected net income for 2019?

b. What is the corrected net income for 2020?

c. The corrected total liabilities on December 31, 2019 should be?

Reference no: EM133061777

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