Axis corporation has a balance of 300K on its retained earnings. During the year the company generated 5.5M revenue and incurred expenses amounting to 3.8M, dividends were also declared during the year amounting to 600K, while cash balance was increased by 300K. The corporation's profit and year end balance of retained earnings would be O profit -1.2M;RE-2M O profit-1.8M;RE-2M O profit-1.2M RE-1.4M O profit-1.5M:RE-2.3M

Axis corporation has a balance of 300K on its retained earnings. During the year the company generated 5.5M revenue and incurred expenses amounting to 3.8M, dividends were also declared during the year amounting to 600K, while cash balance was increased by 300K. The corporation's profit and year end balance of retained earnings would be O profit -1.2M;RE-2M O profit-1.8M;RE-2M O profit-1.2M RE-1.4M O profit-1.5M:RE-2.3M

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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