A pro-forma balance sheet shows that the TOTAL ASSETS amounted to P3,125,900; Current Liabilities = P790,350; Non-current Liabilities = P150,000; Common Stock = P1,085,000. Retained earnings from the previous year amounted to P475,000. The Pro-forma income statement shows a net income amounting to P825,000. Dividend payout ratio = 19.5%. Compute for the EFN (external financing needed) or Extra Fund.

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A: The T-accounts are prepared to post the journal entries to the specific accounts of the business.

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A:

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A: Formulas:

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A:

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A: Given the following information: Net income: $152,000 Declared dividends on common stock $50,000…

Q: uperior has provided the following information for its recent year of operation: The common stock…

A: Change in retained earnings=Year end balance-Beginning balance=$91,000-$70,000=$21,000

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A: a. Calculate the ratio of fixed assets to long-term liabilities.

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A: Income Statement: An income statement is a type of financial statement that displays how much money…

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A: solution : first let us calculate the balance of reserve and surplus on January 1 Total assets…

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Q: For the year ending December 31, 2020, Lily Inc. reports net income of $145,000 and cash dividends…

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