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Rubiks Company provided the following information at year-end: Cash and cash equivalents Accounts receivable, net of allowance P100,000 Inventory Property, plant and equipment at carrying amount Accounts payable Wages payable Share capital Share premium 500,000 2,000,000 6,000,000 12,000,000 4,400,000 1,500,000 6,000,000 4,000,000 The only asset not listed is short-term investment.

Rubiks Company provided the following information at year-end: Cash and cash equivalents Accounts receivable, net of allowance P100,000 Inventory Property, plant and equipment at carrying amount Accounts payable Wages payable Share capital Share premium 500,000 2,000,000 6,000,000 12,000,000 4,400,000 1,500,000 6,000,000 4,000,000 The only asset not listed is short-term investment.

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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Rubiks Company provided the following information at year-end: Cash and cash equivalents 500,000 Accounts receivable, net of allowance P100,000 2,000,000 Inventory Property, plant and equipment at carrying amount Accounts payable Wages payable Share capital Share premium 6,000,000 12,000,000 4,400,000 1,500,000 6,000,000 4,000,000 The only asset not listed is short-term investment. The only liabilities not listed are a P3,000,000 note payable due in two years and related accrued interest of P100,000 due in four months. The current ratio at year-end is 1.5 to 1.00. 4. What is the balance of retained earnings at year-end?
Transcribed Image Text:Rubiks Company provided the following information at year-end: Cash and cash equivalents 500,000 Accounts receivable, net of allowance P100,000 2,000,000 Inventory Property, plant and equipment at carrying amount Accounts payable Wages payable Share capital Share premium 6,000,000 12,000,000 4,400,000 1,500,000 6,000,000 4,000,000 The only asset not listed is short-term investment. The only liabilities not listed are a P3,000,000 note payable due in two years and related accrued interest of P100,000 due in four months. The current ratio at year-end is 1.5 to 1.00. 4. What is the balance of retained earnings at year-end?
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