29. Retained earnings balance of ABC Corp. at the beginning of the year is P5,000,000. During the year, ABD earned revenues of P10,000,000 and incurred operating expenses of P6,500,000. Also during the year, a dividends of P1,000,000 were declared and paid, leaving the cash balance of P800,000 for the following years’ operations. What is the year-end balance in the retained earnings after payment of dividends? 29. Retained earnings balance of ABC Corp. at the beginning of the year is P5,000,000.During the year, ABD earned revenues of P10,000,000 and incurred operating expensesof P6,500,000. Also during the year, a dividends of P1,000,000 were declared and paid,leaving the cash balance of P800,000 for the following years' operations. What is theyear-end balance in the retained earnings after payment of dividends?а. Р5,000,000O b. P7,500,000О с. Р800,000O d. P6,700,000

Retained earnings are the free reserves of an entity. Residual net income of an entity are…

Answered: 29. Retained earnings balance of ABC…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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29. Retained earnings balance of ABC Corp. at the beginning of the year is P5,000,000. During the year, ABD earned revenues of P10,000,000 and incurred operating expenses of P6,500,000. Also during the year, a dividends of P1,000,000 were declared and paid, leaving the cash balance of P800,000 for the following years’ operations. What is the year-end balance in the retained earnings after payment of dividends?

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