What is the net income for the current year

Assignment Help Accounting Basics

Reference no: EM132722908

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

Cash balance, Jan 1 P130,000

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

Required - What is the net income for the current year?

a. P110,000

b. P490,000

c. P70,000

d. P150,000

Reference no: EM132722908

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