Compute what is the net income for the current year

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Reference no: EM132678066

Selected information for GORAN Company for the current year is as follows:

Cash balance, Jan 1P130,000

Accounts Receivable, Jan 1    190,000

Collections from Customers    2,100,000

Owner's Equity, Jan 1            340,000

Total Assets, Jan 1                750,000

Total Assets, Dec 31               880,000

Cash Balance, Dec 31               160,000

Accounts Receivable, Dec 31      360,000

Total Liabilities, Dec 31               390,000

Problem 1: What is the net income for the current year?

Select one:

a. P110,000

b. P490,000

c. P70,000

d. P150,000

Reference no: EM132678066

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