BB Incorporated had the following balances of assets and liabilities in 2022:Beginning balances: Cash and cash equivalents P250,000 Accounts payable P120,000Trade and other receivables 150,000 Notes payable 80,000Inventories 210,000 Bonds payable 200,000Prepaid expenses 50,000 Mortgage payable 240,000Property, plant and equipment - net 350,000 Ending balances: Cash and cash equivalents P230,000 Accounts payable P100,000Trade and other receivables 250,000 Notes payable 60,000Inventories 300,000 Bonds payable 170,000Prepaid expenses 40,000 Mortgage payable 240,000Property, plant and equipment - net 300,000 How much is the net income in 2022?

Net income is the total amount of money earned by an individual or company in a certain time period…

Answered: 210,000 Bonds payable 200,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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