User Account

All Pages

What is the retained earnings balance on January

Assignment Help Accounting Basics
Reference no: EM132609227

Question - On December 31, 2019, Melissa Company showed shareholders' equity of P5,000,000.

The share capital of P3,000,000 remained unchanged during the year. The transactions which affected the equity were:

An adjustment of retained earnings for 2018 over-depreciation 100,000

Gain on sale of treasury sales 300,000

Dividend declared, of which P400,000 was paid 600,000

Net income for the current year 800,000

Required - What is the retained earnings balance on January 1, 2019?

a. 1,400,000

b. 1,700,000

c. 1,200,000

d. 1,600,000

Reference no: EM132609227

Questions Cloud

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?
Create incident response plan : Create an Incident Response Plan (IRP) for the company. You can use the breach as a foundation if desired.
What price should receive for the loan : The bank has the option to sell this loan without recourse at a discount rate of 9.2 per cent. What price should it receive for this loan?
What is the net income for the current year : There was no other changes in shares issued and outstanding during the year. What is the net income for the current year

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the net present value of each investment

Whitney Company is contemplating three different equipment investments. Compute the net present value of each investment. Ignore income taxes

  Compute the amount of cash to be reported on Oriole

Oriole received a post-dated check from a customer. Compute the amount of cash to be reported on Oriole Co.'s balance sheet at December 31, 2017

  Specific prices over general price level

Inflation was 8 percent during the most recent year and your organization's investment in land rose 12 percent. If the beginning appraised land value was $1,000,000, what increase in specific prices over general price level would be reported, stat..

  Which of the method for opening work in process

Opening work in process inventory can be calculated under which of the method? FIFO and Average costing./LIFO and Average costing

  Shares of common stock out-standing

Misty's effective tax rate is 40% and there were 1,000 shares of common stock outstanding.

  Formulate appropriate null and alternative hypotheses

For each of the following statements, formulate appropriate null and alternative hypotheses. Indicate whether the appropriate test will be one-tail or two- tail, then sketch a diagram that shows the approximate location of the "rejection" region(..

  Compute the net profit margin for each year

Compute the net profit margin for each year (expressed as a percentage with one decimal place). Given your calculations here and in requirement 1, explain whether Chevron did a better or worse job of controlling expenses other than the costs of crude..

  Determine the profit per pound from processing

Determine the profit per pound from processing the T-bone steaks further into filet mignon and New York cut steaks

  State the cost formula for each mixed expense

Using the high-low method, separate each mixed expense into variable and fixed elements. State the cost formula for each mixed expense

  Prepare the adjusting entry required on May

Assuming no purchase or payment transactions other than those given above, prepare the adjusting entry required on May 31

  Compute the net deferred tax expense

Since this is the first year of operations, there is no beginning deferred tax asset or liability. Compute the net deferred tax expense (benefit)

  List two possible performance measures

REQUIRED - List two possible performance measures for each of the four perspectives included in the balanced scorecard

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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