Cory Company's bookkeeper is not familiar with accrual accounting concepts. He determined net income for 2022 to be P 79,800. In your audit of the company you determine the following: Accrued, but...

Cory Company's bookkeeper is not familiar with accrual accounting concepts. He determined net income for 2022 to be P 79,800. In your audit of the company you determine the following:

1. Accrued, but unpaid, wages at the end of 2022 amounted to P 45,750 and have not been recorded.


2. Insurance premiums paid in 2022 totaled P 180,000, only 1/3 of which relate to coverage for 2022. The other 2/3 of which relate to coverage in future years. (The complete amount was expensed when paid.)


3. Accounts receivable of P 500,000, which have been properly recorded, are expected to result in losses from uncollectibility of P 30,000. (No specific accounts have been written off as of the end of the year.)


4. Cash of P 115,000, received in late 2022, was recorded as revenue, although the work to be performed under the related contract will take place in 2023.

QUESTION:

What is the revised net income figure for 2022?