Reference no: EM132794629
Nile Company reported the following amounts in the shareholders' equity on January 1, 2020:
Preference share capital, P75 par value, 20,000 shares 1,500,000;
Ordinary share capital, P25 par value, 100,000 shares 2,500,000;
Share Premium 3,000,000; and
Retained earnings 1,250,000.
Question 1: On January 1, 2020, the entity sold 20,000 additional shares for P45 per share. Late in 2020, it was learned that because of mathematical error, an overstatement of depreciation expense by P250,000 had occurred in 2019. The entity reported net income of P2,000,000 for 2020. The entity declared cash dividend of P500,000 on preference shares and P1,000,000 on Ordinary shares during 2020. The income tax rate is 30%. What amount should be reported as retained earnings on December 31, 2020?
Option 1: 2,225,000
Option 2: 2,925,000
Option 3: 3,000,000
Option 4: 2,575,000
|
Find what amount be reported as retained earnings on dec
: Charm Company reported net income of P1,500,000 for 2017, P2,500,000 for 2018, What amount should be reported as retained earnings on December 31, 2020?
|
|
Telemedicine during the covid-19 pandemic
: What are the challenges and opportunities of using telemedicine during the COVID-19 pandemic?
|
|
Calculate the amount of dividends to be paid to each group
: Blossom, Inc. has $500,000, $0.50, no par value preferred shares (50,000 shares). Calculate the amount of dividends to be paid to each group of shareholders
|
|
What aggregate amount should be debited to retained earnings
: Sushi Company declared and distributed 10% stock dividend, What aggregate amount should be debited to retained earnings for the stock dividends?
|
|
What amount should be reported as retained earnings on dec
: On January 1, 2020, entity sold 20,000 additional shares, The income tax rate is 30%. What amount should be reported as retained earnings on December 31, 2020?
|
|
What is the distribution of dividends in year three
: Booyah Party Supplies, Inc. outstanding stock consists of 80,000 shares of cumulative 7.5% Preferred Stock, What is the distribution of dividends in year three
|
|
What is meant by binding constraint
: What is meant by binding constraint? What information does it provide to a manager about a production process?
|
|
Formulate the linear programming model for problem
: A company assembles Tractor Model X and Tractor Model Y in Assembly plant at Windsor (Ontario), and Winnipeg (Manitoba) respectively. Model produced in Winnipe
|
|
What is the inspection cost per unit
: The standard amount of varnish per table is nine quarts. The cost of inspection for September equaled $40,000. What is the inspection cost per unit
|