The following information pertains to MNA Corporation for the year ended December 31, 2020: Accumulated profits, January 1, 2020 P1,500,000 Net income for 2020 300,000 Cash dividends declared December 1, 2020 and distributable on January 10, 2021 490,000 Share dividends declared November 25, 2011 and distributed on December 15, 2020 370,000 Required: Compute the balance of accumulated profits as of December 31, 2020.
The following information pertains to MNA Corporation for the year ended December 31, 2020: Accumulated profits, January 1, 2020 P1,500,000 Net income for 2020 300,000 Cash dividends declared December 1, 2020 and distributable on January 10, 2021 490,000 Share dividends declared November 25, 2011 and distributed on December 15, 2020 370,000 Required: Compute the balance of accumulated profits as of December 31, 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information pertains to MNA Corporation for the year ended December 31, 2020:
|
P1,500,000 |
Net income for 2020 |
300,000 |
Cash dividends declared December 1, 2020 and distributable on January 10, 2021 |
490,000 |
Share dividends declared November 25, 2011 and distributed on December 15, 2020 |
370,000 |
Required: Compute the balance of accumulated profits as of December 31, 2020.
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