How much is the balance of AMSTERDAM's retained earnings account at December 31, 2021? The following pre-tax amounts pertaining to AMSTERDAM Company for the year ended December 31, 2021:• Sales, P400,000• Selling and adminstrative expenses, P84,000• Other income, P40,000• Interest expense, P4,000• Cost of goods sold, P280,000• Oorrection of prior period error - credit, P16,000• Post-tax results of discontinued operations - credit, P40,000• Cumulative effect of change in accounting policy - debit, P24,000• Retained earnings, January 1, 2021 (not yet restated), P1,600,000• Dividends declared, P12,000• Income tax rate is 30%

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Description: How much is the balance of AMSTERDAM's retained earnings account at December 31, 2021? The following pre-tax amounts pertaining to AMSTERDAM Company for the year ended December 31, 2021:• Sales, P400,000• Selling and adminstrative expenses, P84,000•

Retained earnings: Retained earnings refer to the sum value of money remaining at a company after…

Answered: tive expenses, P84,000 p00 280,000

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Accounting

tive expenses, P84,000 p00 280,000

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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How much is the balance of AMSTERDAM's retained earnings account at December 31, 2021?

The following pre-tax amounts pertaining to AMSTERDAM Company for the year ended December 31, 2021:
• Sales, P400,000
• Selling and adminstrative expenses, P84,000
• Other income, P40,000
• Interest expense, P4,000
• Cost of goods sold, P280,000
• Oorrection of prior period error - credit, P16,000
• Post-tax results of discontinued operations - credit, P40,000
• Cumulative effect of change in accounting policy - debit, P24,000
• Retained earnings, January 1, 2021 (not yet restated), P1,600,000
• Dividends declared, P12,000
• Income tax rate is 30%

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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