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On December 31, 2020, the balance sheet of Legend Corporation shows a total equity of P1,260,000. During 2020, the shareholders' equity was affected by: Adjustment to retained earnings for the overstatement of 2019 net P17,500 income Cash dividend declared and paid in 10% 2020 Net income of 2020 P65.000 The share capital of P1,000.000 remained unchanged during the year. What is the balance of retained carnings on January 1. 2020? O P260,000 O P360,000 O P312.500

On December 31, 2020, the balance sheet of Legend Corporation shows a total equity of P1,260,000. During 2020, the shareholders' equity was affected by: Adjustment to retained earnings for the overstatement of 2019 net P17,500 income Cash dividend declared and paid in 10% 2020 Net income of 2020 P65.000 The share capital of P1,000.000 remained unchanged during the year. What is the balance of retained carnings on January 1. 2020? O P260,000 O P360,000 O P312.500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On December 31, 2020, the balance sheet of Legend Corporation shows a total equity of P1,260,000. During 2020, the shareholders' equity was affected by: Adjustment to retained carnings for the overstatement of 2019 net P17,500 income Cash dividend declared and paid in 10% 2020 Net income of 2020 P65.000 The share capital of P1,000.000 remained unchanged during the year. What is the balance of retained carnings on January 1. 2020? O P260,000 OP360,000 O P312.500 O P295.000
Transcribed Image Text:On December 31, 2020, the balance sheet of Legend Corporation shows a total equity of P1,260,000. During 2020, the shareholders' equity was affected by: Adjustment to retained carnings for the overstatement of 2019 net P17,500 income Cash dividend declared and paid in 10% 2020 Net income of 2020 P65.000 The share capital of P1,000.000 remained unchanged during the year. What is the balance of retained carnings on January 1. 2020? O P260,000 OP360,000 O P312.500 O P295.000
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