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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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