210,000 Bonds payable 200,000 Prepaid expenses
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 13MCQ
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Question
BB Incorporated had the following balances of assets and liabilities in 2022:
Beginning balances: |
||||
Cash and cash equivalents |
P250,000 |
Accounts payable |
P120,000 |
|
Trade and other receivables |
150,000 |
Notes payable |
80,000 |
|
Inventories |
210,000 |
Bonds payable |
200,000 |
|
Prepaid expenses |
50,000 |
Mortgage payable |
240,000 |
|
Property, plant and equipment - net |
350,000 |
|||
Ending balances: |
||||
Cash and cash equivalents |
P230,000 |
Accounts payable |
P100,000 |
|
Trade and other receivables |
250,000 |
Notes payable |
60,000 |
|
Inventories |
300,000 |
Bonds payable |
170,000 |
|
Prepaid expenses |
40,000 |
Mortgage payable |
240,000 |
|
Property, plant and equipment - net |
300,000 |
How much is the net income in 2022?
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