What was the net income for the current year

Assignment Help Accounting Basics
Reference no: EM132609230

Question - Lanao Company showed the following increase (decrease) in ledger account balances during the current year:

Cash 800,000

Accounts receivable (400,000)

Inventory 300,000

Equipment 950,000

Notes payable - bank 500,000

Accounts payable (600,000)

Share Capital 700,000

Share premium 300,000

There was no transaction affecting retained earnings other than a P1,500,000 cash dividend and a P250,000 prior period error from understatement of ending inventory.

What was the net income for the current year?

a. 2,000,000

b. 2,500,000

c. 3,250,000

d. 3,000,000

Reference no: EM132609230

Questions Cloud

Discuss the implications of globalisation in oman : Comprehend the implications of Vision 2040, government policies, culture and historic contexts on businesses and Discuss the implications of globalisation
Calculate the operating cash flows from the new machin : Calculate the operating cash flows from the existing machine(Round the nearest dollar.) Calculate the operating cash flows from the new machine
General data protection regulation : The General Data Protection Regulation (EU) 2016/679 (GDPR) is a regulation in EU law on data protection and privacy for all individual citizens
Starting ad hoc information governance department : Let's assume your organization has both an fully functioning IT department and now starting an ad hoc Information Governance department.
What was the net income for the current year : There was no transaction affecting retained earnings other than a P1,500,000 cash dividend. What was the net income for the current year
Which represents the correct amount that must be disclosed : Which represents the correct amount that must be disclosed as current liabilities in the statement of financial position of YBlue CC as at 31 July 2020?
Comprehensive policy for managing pedestrian traffic flow : What measure would you take to engage stakeholders in that project? Your answer should identify the project stake holders ,
What is the retained earnings balance on January : he share capital of P3,000,000 remained unchanged during the year. What is the retained earnings balance on January 1, 2019
What is the current marginal tax rate : How much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd