Rush Berry Corporation has a Php 1,500,000 credit balance of Retained Earnings in 2020. The following transactions are taken from the 2021 operations.net loss, Php 250,000purchase of treasury shares at cost, Php 120,000overstatement of depreciation in 2013, Php 40,000declaration of dividends, Php 450,000reversal of appropriation reserve for plant expansion, Php 500,000understatement of salaries and wages in 2013, Php 75,000How much is adjusted retained earnings at the end of the year?

Adjusted retained earnings = Net profit/ loss + Retained earning - dividend paid

Answered: Rush Berry Corporation has a Php…

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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Rush Berry Corporation has a Php 1,500,000 credit balance of Retained Earnings in 2020. The following transactions are taken from the 2021 operations.

net loss, Php 250,000
purchase of treasury shares at cost, Php 120,000
overstatement of depreciation in 2013, Php 40,000
declaration of dividends, Php 450,000
reversal of appropriation reserve for plant expansion, Php 500,000
understatement of salaries and wages in 2013, Php 75,000

How much is adjusted retained earnings at the end of the year?

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