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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?
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