The balance of retained earnings of Dragon Corporation at the beginning of the year was P650,000. During the year, Dragon earned revenue of P4,500,000 and incurred expenses of P3,800,000 dividends of P500,000 were declared and paid, and the balance of the cash account increased by P220,000. How much is the company's year- end balance of the retained earnings?

The balance of retained earnings of Dragon Corporation at the beginning of the year was P650,000. During the year, Dragon earned revenue of P4,500,000 and incurred expenses of P3,800,000 dividends of P500,000 were declared and paid, and the balance of the cash account increased by P220,000. How much is the company's year- end balance of the retained earnings?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

During the year, ChemClean Corporation has $280,000 in revenues, $130,000 in expenses,and $10,000 in dividend declarations and payments. Net income for the year was:a. $140,000.b. $150,000.c. $160,000.d. $280,000
Landisville Company started the year with $60000 in its Common Stock account and a credit balance in Retained Earnings of $50000. During the year, the company earned net income of $50000 and declared and paid $20000 of dividends. In addition, the company sold additional common stock amounting to $28000. As a result, the amount of its retained earnings at the end of the year would be O $160,000. O $ 78,000. $132,000. $ 80,000.
For the year, the Bridgewater Co. has net income of $27,400, net new equity of $12,000, and an addition to retained earnings of $19,600. What is the amount of the dividends paid?
The year-end balance sheet of Star Inc. shows total assets of $12,407 million, operating assets of $9,849 million, operating liabilities of $5,291 million, and shareholders’ equity of $5,532 million.The company's year-end net operating assets are: Select one: a. $9,849 million b. $17,698 million c. $15,140 million d. None of these are correct. e. $4,558 million
In its recent income statement, Smith Software Inc. reported $11 million of net income, and in its year-end balance sheet, Smith reported $392 million of retained earnings. The previous year, its balance sheet showed $381 million of retained earnings. What were the total dividends paid to shareholders during the most recent year? (Answers are in $ millions.) $18.00 $11.00 $11.00 -$2.00 $0.00
Chou Company has a net income of $52,000, assets at the beginning of the year are $259,000 and assets at the end of the year are $309,000. Compute its return on assets.
Farmington Corporation began the year with a retained earnings balance of $15,000. The company paid a total of $3,500 in dividends and earned a net income of $56,000 this year. What is the ending retained earnings balance?
During the year, a merchandising company had the following transactions: Generated 300.000 TL revenue and incurred 225.000 TL expense. Issued new shares of 20.000 at a price of 1,2 TL (par value is 1 TL). Repurchased 10.000 of these new shares at a price of 1,1 TL. Sold these repurchased shares at a price of 0,5 TL. Revalued its headquarters building as well as its one of the rental properties. The increases in the relevant equity and income items have been found to be 15.000 TL and 20.000 TL. Suppose that the ending retained earnings balance in the Statement of Changes in Shareholders Equity is 105.000 TL. Then, what was the opening balance of the retained earnings at the beginning of the year? a) 10.000 TL b) 16.000 TL c) 20.000 TL d) 26.000 TL
Sedona Corporation declared and paid a cash dividend of $6,800 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Year Previous Year Income Statement $ 120,000 56,000 64,000 38,000 4,200 21,800 6,540 $ 15,260 $ 107,000 52,000 55,000 34,600 4,200 16,200 4,860 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income $ 11,340 Balance Sheet Cash $ 72,110 19,000 27,000 97,000 $ 215,110 $ 44,000 1,050 42,000 87,050 91,200 36,860 Accounts Receivable, Net Inventory Property and Equipment, Net $ 36,000 14,000 40,000 107,000 $ 197,000 $ 34,800 600 42,000 77,400 91,200 28,400 Total Assets Accounts Payable Income Tax Payable Notes Payable (long-term) Total Liabilities Common Stock (par $10) Retained Earnings Total Liabilities and Stockholders' Equity $ 215,110 $ 197,000
Farmington Corporation began the year with a retained earnings balance of $20,000. The company paid a total of $3,000 in dividends and earned a net income of $60,000 this year. What is the ending retained earnings balance?
Last year, net profits of a company were nine-elevenths of revenue. If the company declared a dividend of $14983 and two-seventeenths of the net profit was retained in the company, what was last year's revenue?
A company’s balance of retained earnings on January 1 was $35 million. During the year,sales revenue was $82 million, while expenses totaled $50 million. The company declaredand paid $5 million in cash dividends during the year. What was the balance of retainedearnings at the end of the year?a. $62 millionb. $67 millionc. $72 milliond. $172 million