Analysis of SOLOMONS Corp. records disclosed the following changes for the year 2020 and the...
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Accounting
Analysis of SOLOMONS Corp. records disclosed the following changes for the year 2020 and the supplementary data listed below:
Cash 500,000 increase; Accounts Receivable 70,000 increase; Inventory 270,000 decrease; Prepaid expenses 10,000 decrease; Accounts Payable 50,000 increase; Accrued salaries 100,000 increase; unearned revenue 50,000 increase
During 2020, the owner paid P200,000 to settle all its loans from the bank. Interest of P5,000 was also settled on December 31, 2020. There was P10,000 interest on loans payable at December 31, 2019.
The owner also made investments in 2020 of P15,000.
1. What is the Net Income of SOLOMONS Corp. for 2020?
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