4:42IR1_MIDTERM_20201.pdf33. Lucerne Cómpany reported the following changes during the current yearIncreaseIncrease(Decrease)P 400,000300,00050,000(150,000)(50,000)1,000,000100,000(Decrease)80,000(100,000)(10,000)120,00060,00030,000Accounts payableBonds payableDiscount on bonds payableCashAccounts receivableAllowance for bad debtsCommon stockInventoryPrepaid rentPlant and equipmentAccumulated depreciationThere were no other entries in the Retained earnings account except for the dividend declaration of P50,000,which was paid in the current yearNet income for the yearPremium on common stockTreasury stock at costs5/12a. P1,200,000b. P1,260,000c. P1,280,000d. P1,360,000II

Income that is earned by the company after deducting all of its expenses and adding revenue is known…

33. Lucerne Cómpany reported the following changes during the current year Increase Increase (Decrease) P 400,000 300,000 50,000 (150,000) (50,000) 1,000,000 100,000 Accounts payable Bonds payable Discount on bonds payable Common stock Premium on common stock (Decrease) 80,000 (100,000) (10,000) 120,000 60,000 30,000 Cash Accounts receivable Allowance for bad debts Inventory Prepaid rent Plant and equipment Accumulated depreciation There were no other entries in the Retained earnings account except for the dividend declaration of P50,000, which was paid in the current year Net income for the year а. Р1,200,000 Treasury stock at costs 5/12 .b. P1,260,000 c. P1,280,000 d. P1,360,000

33. Lucerne Cómpany reported the following changes during the current year Increase Increase (Decrease) P 400,000 300,000 50,000 (150,000) (50,000) 1,000,000 100,000 Accounts payable Bonds payable Discount on bonds payable Common stock Premium on common stock (Decrease) 80,000 (100,000) (10,000) 120,000 60,000 30,000 Cash Accounts receivable Allowance for bad debts Inventory Prepaid rent Plant and equipment Accumulated depreciation There were no other entries in the Retained earnings account except for the dividend declaration of P50,000, which was paid in the current year Net income for the year а. Р1,200,000 Treasury stock at costs 5/12 .b. P1,260,000 c. P1,280,000 d. P1,360,000

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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Note 2 indicates that, “Inventories valued on the LIFO basis totaled ¥94,578 million and¥50,037 million at 31 December 2008 and 2009, respectively.” Based on this, the LIFOreserve should most likely:A. increase.B. decrease.C. remain the same.
Alamkoto Corp. reported the following data for 2019: a. P1,060,000 b. P1,000,000 c. P960,000 d. P970,000 e. Answer not given
#210 BALJEET Company reported the following information for the year ended December 31, 2020: Service Revenues P4,597,000 Salaries Expense 895,000 Advertising Expense 320,000 Baljeet, Drawings 769,000 Interest Expense 32,900 Depreciation Expense 629,000 Insurance Expense 41,000 Supplies Expense 34,000 Supplies Inventory 5,000 How much is the net income for 2020?
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Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.