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:

Question

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:

Quizplus · Accepted Answer

The Answer of 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:

These Balances Were Taken from the Accounts of P Enterprises