(a)
Net Income:
Net income is the profit or total earnings of a company. The value of the net income is obtained by deducting various expenses incurred in doing business, including
The net income of W. P. for the year 2019.
(b)
Balance Sheet:
Balance sheet is a financial statement that shows the available assets (owner’s equity and outsider’s equity) and owed liabilities from investing and financial activities of a company. This statement reveals the financial health of company. The main components of balance sheet are assets, liabilities, and
To prepare: The balance sheet for W. P. as on December 31, 2019.
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Financial Accounting
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