Baka's Retained Earnings balance increased by P100,000 during the year. Baka also paid P30,000 in cash dividends that had been declared last year and declared dividends of P40,000 for the current year (but has not paid them at year-end). Baka's net income for the current year must be

Baka's Retained Earnings balance increased by P100,000 during the year. Baka also paid P30,000 in cash dividends that had been declared last year and declared dividends of P40,000 for the current year (but has not paid them at year-end). Baka's net income for the current year must be

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

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Question

Baka's Retained Earnings balance increased by P100,000
during the year. Baka also paid P30,000 in cash dividends
that had been declared last year and declared dividends
of P40,000 for the current year (but has not paid them at
year-end). Baka's net income for the current year must be

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