CASE 1 The following are the changes in all the account balances of Kenji Company during the year ended December 31, 20x1, except for retained earnings. Increase (Decrease) P592,500 1,422,000 (750,000) (352,500) (382,500) 615,000 450,000 30,000 Cash Account receivable, net Inventory Investments Accounts payable Bonds payable Ordinary share capital Share premium There were no entries in the retained earnings account except for net income and a dividend declaration of P590,000, which was paid in the current year. REQUIRED: 1. Net increase (decrease) in net assets 2. Net income for the current year

CASE 1 The following are the changes in all the account balances of Kenji Company during the year ended December 31, 20x1, except for retained earnings. Increase (Decrease) P592,500 1,422,000 (750,000) (352,500) (382,500) 615,000 450,000 30,000 Cash Account receivable, net Inventory Investments Accounts payable Bonds payable Ordinary share capital Share premium There were no entries in the retained earnings account except for net income and a dividend declaration of P590,000, which was paid in the current year. REQUIRED: 1. Net increase (decrease) in net assets 2. Net income for the current year

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 5PB: Multiple-step income statement and balance sheet The following selected accounts and their current...

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