The following data are extracted from the shareholders’ equity section of the statement of financial position of Del Corporation: Ordinary shares, P2 par value – Balance as of December 31, 2010; P1,000,000. Ordinary shares, P2 par value – Balance as of December 31, 2011; P1,020,000. Share premium - Balance as of December 31, 2010; P500,000. Share premium - Balance as of December 31, 2011; P580,000. Retained earnings - Balance as of December 31, 2010; P1,000,000. Retained earnings - Balance as of December 31, 2011; P1,046,000. During 2011, the corporation declared and paid cash dividends of P150,000 and also declared and issued a share dividend. There were no other changes in shares issued and outstanding during 2011. What is the net income for 2011. Show solution
The following data are extracted from the shareholders’ equity section of the statement of financial position of Del Corporation: Ordinary shares, P2 par value – Balance as of December 31, 2010; P1,000,000. Ordinary shares, P2 par value – Balance as of December 31, 2011; P1,020,000. Share premium - Balance as of December 31, 2010; P500,000. Share premium - Balance as of December 31, 2011; P580,000. Retained earnings - Balance as of December 31, 2010; P1,000,000. Retained earnings - Balance as of December 31, 2011; P1,046,000. During 2011, the corporation declared and paid cash dividends of P150,000 and also declared and issued a share dividend. There were no other changes in shares issued and outstanding during 2011. What is the net income for 2011. Show solution
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data are extracted from the shareholders’ equity section of the statement of financial position of Del Corporation: Ordinary shares, P2 par value – Balance as of December 31, 2010; P1,000,000. Ordinary shares, P2 par value – Balance as of December 31, 2011; P1,020,000. Share premium - Balance as of December 31, 2010; P500,000. Share premium - Balance as of December 31, 2011; P580,000. Retained earnings - Balance as of December 31, 2010; P1,000,000. Retained earnings - Balance as of December 31, 2011; P1,046,000. During 2011, the corporation declared and paid cash dividends of P150,000 and also declared and issued a share dividend. There were no other changes in shares issued and outstanding during 2011. What is the net income for 2011. Show solution
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