Net income reported for 2016 is P200, 000, the adjusted balance for liability is P30, 000, capital beginning is P100, 000, and current assets totaled P150, 000.Total assets isSelect one:a.P330,000b.P350,000c.P230,000d.P250,000
Question
Net income reported for 2016 is P200, 000, the adjusted balance for liability is P30, 000, capital beginning is P100, 000, and current assets totaled P150, 000.Total assets isSelect one:a.P330,000b.P350,000c.P230,000d.P250,000
Solution
The total assets can be calculated by adding the net income reported for 2016, the adjusted balance for liability, and the capital beginning.
Here's how you can do it:
Step 1: Add the net income reported for 2016 to the adjusted balance for liability. P200,000 (Net income) + P30,000 (Liability) = P230,000
Step 2: Add the result from step 1 to the capital beginning. P230,000 (Result from Step 1) + P100,000 (Capital beginning) = P330,000
So, the total assets is P330,000. Therefore, the answer is a. P330,000.
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