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The ending balance of ABC’s equity shows P 1,260,000. Tihs is affected by the following transactions: Net income during the year P65,000 Adjustment to retained earnings for the overstatement of prior year net income- P17,500 Cash dividend declared and paid during the year - 10%   The share capital of P1,000,000 remained unchanged during the year. What is the beginning balance of retained earnings?

The ending balance of ABC’s equity shows P 1,260,000. Tihs is affected by the following transactions: Net income during the year P65,000 Adjustment to retained earnings for the overstatement of prior year net income- P17,500 Cash dividend declared and paid during the year - 10%   The share capital of P1,000,000 remained unchanged during the year. What is the beginning balance of retained earnings?

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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  1. The ending balance of ABC’s equity shows P 1,260,000. Tihs is affected by the following transactions:

Net income during the year P65,000

Adjustment to retained earnings for the overstatement of prior year net income- P17,500

Cash dividend declared and paid during the year - 10%

 

The share capital of P1,000,000 remained unchanged during the year. What is the beginning balance of retained earnings?

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