Homework Answers
Solution 1:
Net income for 2019 = $601,600 / 128% = $470,000
Solution 2:
| Particulars | 31-Dec-20 | 31-Dec-19 | ||
| Amount | Percentage | Amount | Percentage | |
| Accounts receivables | $448,920.00 | 17.4% | $467,200.00 | 14.6% |
| Inventory | $771,420.00 | 29.9% | $656,000.00 | 20.5% |
| Total Assets | $2,580,000.00 | 100.0% | $3,200,000.00 | 100.0% |
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