The company shows a balance of ₱299,500 as of December 31, 2018. During 2019, the company distributed cash dividend amounting to ₱33,000 to its stockholders. At the end of 2019, the Retained Earnings balance reported as ₱312,800. Determine the net income of the company for the year 2019

The company shows a balance of ₱299,500 as of December 31, 2018. During 2019, the company distributed cash dividend amounting to ₱33,000 to its stockholders. At the end of 2019, the Retained Earnings balance reported as ₱312,800. Determine the net income of the company for the year 2019

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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Question

The company shows a balance of ₱299,500 as of December 31, 2018. During 2019, the company distributed cash dividend amounting to ₱33,000 to its stockholders. At the end of 2019, the

Retained Earnings balance reported as ₱312,800. Determine the net income of the company for the year 2019

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

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