Philips Has a 50% Joint Operation Interest in Josef A)$500
B)$550
C)$775
D)$1,050

Philips has a 50% joint operation interest in Josef. Based on the following information, what amount will be presented for current assets on Philips' proportionately consolidated balance sheet? $$\begin{array} { | l | r | r | } \hline & \text { Philips } & \text { Josef } \\\hline \text { Current assets } & \$ 500 & \$ 550 \\\hline \text { Long-term assets } & 300 & 50 \\\hline \text { Investment in investee } & 200 & 0 \\\hline \text { Current liabilities } & 350 & 200 \\\hline \text { Long-term liabilities } & 450 & 300 \\\hline \text { Equity } & 200 & 100 \\\hline\end{array}$$

A) $500
B) $550
C) $775
D) $1,050

Correct Answer:

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