ARR Corporation's account balances during 2019 showed the following changes, all increases: Assets - P3,560,000; Liabilities -P1,080,000; Ordinary share capital -P2,400,000; Share premium -P240,000. There were no changes in accumulated profits for 2019 other than a P520,000 dividend payment and year's earnings. How much is the net income(loss) for the year? P 360,000 P (160,000) P (440,000) P (360,000)

ARR Corporation's account balances during 2019 showed the following changes, all increases: Assets - P3,560,000; Liabilities -P1,080,000; Ordinary share capital -P2,400,000; Share premium -P240,000. There were no changes in accumulated profits for 2019 other than a P520,000 dividend payment and year's earnings. How much is the net income(loss) for the year? P 360,000 P (160,000) P (440,000) P (360,000)

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Description: ARR Corporation's account balances during 2019 showed the following changes, all increases: Assets -P3,560,000; Liabilities -P1,080,000; Ordinary share capital -P2,400,000; Share premium -P240,000. There wereno changes in accumulated profits for 201

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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ARR Corporation's account balances during 2019 showed the following changes, all increases: Assets -
P3,560,000; Liabilities -P1,080,000; Ordinary share capital -P2,400,000; Share premium -P240,000. There were
no changes in accumulated profits for 2019 other than a P520,000 dividend payment and year's earnings. How
much is the net income(loss) for the year?
P 360,000
P (160,000)
P (440,000)
P (360,000)

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