On October 1, 2015,JOY inherited properties worth P 3,000,000 from her mother. The properties are earning income of P 90,000 a month. How much income is to be reported by JOY in 2015? P 3,000,000 P 3,270,000 P 3,090,000

On October 1, 2015,JOY inherited properties worth P 3,000,000 from her mother. The properties are earning income of P 90,000 a month. How much income is to be reported by JOY in 2015? P 3,000,000 P 3,270,000 P 3,090,000

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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Question

On October 1, 2015,JOY inherited properties worth P 3,000,000 from her mother. The properties are earning income of P 90,000 a month. How much income is to be reported by JOY in 2015?

P 3,000,000

P 3,270,000

P 3,090,000

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