balance of P 1,000,000. At the beginning and end of 200F, the share capital account of the corporation remained unchanged. Profit for 200F was P 800,000. The corporation declared cash dividends of P 300,000 at December 31, 200F. How much was the Retained Earnings balance as at January 1, 200F? Choices; 300,000 500,000 1,000,000 1,100,000
balance of P 1,000,000. At the beginning and end of 200F, the share capital account of the corporation remained unchanged. Profit for 200F was P 800,000. The corporation declared cash dividends of P 300,000 at December 31, 200F. How much was the Retained Earnings balance as at January 1, 200F? Choices; 300,000 500,000 1,000,000 1,100,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At December 31, 200F, a corporation had total shareholders’ equity of P 4,000,000 including a Retained Earnings balance of P 1,000,000. At the beginning and end of 200F, the share capital account of the corporation remained unchanged. Profit for 200F was P 800,000. The corporation declared cash dividends of P 300,000 at December 31, 200F. How much was the Retained Earnings balance as at January 1, 200F?
Choices;
300,000
500,000
1,000,000
1,100,000
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