User Account

All Pages

What amount should be reported as retained earnings

Assignment Help Financial Accounting
Reference no: EM132799952

Question - On January 1, 2016, Milan Company reported share capital P20 par P2,000,000, share premium P1,000,000 and retained earnings P3,500,000. The entity used the cost method of accounting for treasury shares. During 2016, the entity acquired 20,000 treasury shares for P600,000, sold 15,000 treasury shares at P25 per share and declared the remaining treasury shares as dividends when the fair value of the share is P40. Net income for 2016 was P1,500,000. What amount should be reported as retained earnings on December 31, 2016?

a. 4,800,000

b. 4,925,000

c. 4,775,000

d. 4,725,000

Reference no: EM132799952

Questions Cloud

Have procedural guidelines for student suspension been met : Have the procedural guidelines for student suspension been met? What characteristics of a well-ordered school are missing in this scenario?
How much should Quatro remit to Tres on December : Two days after, the buyer returned 500 worth of merchandise due to defects. How much should Quatro remit to Tres on December 12
Evaluate how well the change is working : The Chief Executive Officer (CEO) of the organization you have been working with over the past few weeks just called. She informed you that her organization.
How is artificial intelligence used to mine for information : Could you please explain with a few examples and could you please provide me with any sources used? Thank you in advance.
What amount should be reported as retained earnings : Net income for 2016 was P1,500,000. What amount should be reported as retained earnings on December 31, 2016
Assign tasks according to the greatest positional weight : a. Assign tasks according to the most following tasks ru le. Use greatest positional weight as a tiebreaker.
Record the journal entries for the warranties : The estimated cost of warranty repairs is 2% of net sales. In 2019, Spares sold $3 million in products. Record the journal entries for the warranties
What is the economic order? quantity : In the basic EOQ? model, if D? = 6000 per? year, S? = $100, and holding cost? = $10 per unit per? month, what is the economic order? quantity?
Explain the concept of contingency management : Explain the concept of Contingency Management and do you agree or disagree with this theory why or why not?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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