WHAT IS THE CORRECT BALANCE OF RETAINED EARNINGS ON DECEMBER 31, 2019? The following data are taken from the ledger of EVA Co.Retained EarningsDateParticularsDebitCredit01/01/2017 Balance06/30/2017 Dividends paid12/31/2017 Net income for 201702/07/201804/30/201809/30/2018 Dividends paid12/31/2018P80,600P25,00042,50010,000Premium on share capitalLoss on sale of land5,00020,000Net income for 20185,800Revaluation surplus12/31/201807/01/201912/31/201940,000Gain on sale of treasury stockNet income 2019Unrealized loss on FV OCI securities1,60033,7003,400What is the correct balance of Retained earnings on December 31, 2019?

The balance of retained earnings can be calculated as follows

The following data are taken from the ledger of EVA Co. Retained Earnings Particulars 01/01/2017 Balance 06/30/2017 Dividends paid 12/31/2017 Net income for 2017 02/07/2018 Premium on share capital 04/30/2018 Loss on sale of land 09/30/2018 Dividends paid 12/31/2018 Net income for 2018 12/31/2018 Revaluation surplus 07/01/2019 Gain on sale of treasury stock 12/31/2019 Net income 2019 Date Debit Credit P80,600 P25,000 42,500 10,000 5,000 20,000 5,800 40,000 1,600 33,700 Unrealized loss on FV OCI securities 3,400 What is the correct balance of Retained earnings on December 31, 2019?

The following data are taken from the ledger of EVA Co. Retained Earnings Particulars 01/01/2017 Balance 06/30/2017 Dividends paid 12/31/2017 Net income for 2017 02/07/2018 Premium on share capital 04/30/2018 Loss on sale of land 09/30/2018 Dividends paid 12/31/2018 Net income for 2018 12/31/2018 Revaluation surplus 07/01/2019 Gain on sale of treasury stock 12/31/2019 Net income 2019 Date Debit Credit P80,600 P25,000 42,500 10,000 5,000 20,000 5,800 40,000 1,600 33,700 Unrealized loss on FV OCI securities 3,400 What is the correct balance of Retained earnings on December 31, 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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