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CARAT CORP. has completed its current year financial statements which reveal, in part, the following information: *Profit for the year - P110,000 *Total Comprehensive Income - P130,000 *Other comprehensive income relates to the revaluation of land and buildings to fair value *Dividends paid - P35,000 *Opening equity balances - share capital P300,000, retained earnings P220,000, asset revalution surplus P60,000 *No more share capital was issued during the reporting period The total equity at the end of the current year is: Choices a. 695,000 b. 675,000 c. 655,000 d. 580,000

CARAT CORP. has completed its current year financial statements which reveal, in part, the following information: *Profit for the year - P110,000 *Total Comprehensive Income - P130,000 *Other comprehensive income relates to the revaluation of land and buildings to fair value *Dividends paid - P35,000 *Opening equity balances - share capital P300,000, retained earnings P220,000, asset revalution surplus P60,000 *No more share capital was issued during the reporting period The total equity at the end of the current year is: Choices a. 695,000 b. 675,000 c. 655,000 d. 580,000

FINANCIAL ACCOUNTING
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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CARAT CORP. has completed its current year financial statements which reveal, in part, the following information:

*Profit for the year - P110,000

*Total Comprehensive Income - P130,000

*Other comprehensive income relates to the revaluation of land and buildings to fair value

*Dividends paid - P35,000

*Opening equity balances - share capital P300,000, retained earnings P220,000, asset revalution surplus P60,000

*No more share capital was issued during the reporting period

The total equity at the end of the current year is:

Choices

a. 695,000

b. 675,000

c. 655,000

d. 580,000

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