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What the amount of net income for the year was

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Problem 1: At January 1, a sole proprietorship's assets totaled P210,000, and its liabilities amounted to P120,000. During the year, owner investments amounted to P72,000, and owner withdrawals totaled P75,000. At year-end, assets totaled P270,000, and liabilities amounted to P171,000. The amount of net income for the year was

Reference no: EM133010362

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