These Balances Were Taken from the Accounts of P Enterprises

question 11

Multiple Choice

These balances were taken from the accounts of P Enterprises $$\begin{array} { l r r } & 31 \text { Dec } 2010 & 31 \text { Dec } 2011 \\\text { Assets } & \$ 220,000 & \$ 460,000 \\\text { Liabilities } & 100,000 & 130,000\end{array}$$ Assuming there were no drawings or contributions of capital,profit for 2011 must have been:

• A)$240 000
• B)$120 000
• C)$330 000
• D)$210 000

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