On December 31, 2014, Zeus Company showed shareholders' equity of P4,000,000. During the current year, the shareholders' equity was affected by: * An adjustment to retained earnings for overstatement of inventory on December 31, 2013 in the amount of P200,000. * Declared dividend of P400,000 of which P300,000 was paid in 2014. * The share capital was split five for one. * Net income for the year amounted to P700,000. * The share capital of P3,000,000 remained unchanged during the year. What is the retained earnings balance on January 1, 2014?
On December 31, 2014, Zeus Company showed shareholders' equity of P4,000,000. During the current year, the shareholders' equity was affected by: * An adjustment to retained earnings for overstatement of inventory on December 31, 2013 in the amount of P200,000. * Declared dividend of P400,000 of which P300,000 was paid in 2014. * The share capital was split five for one. * Net income for the year amounted to P700,000. * The share capital of P3,000,000 remained unchanged during the year. What is the retained earnings balance on January 1, 2014?
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 16EA: Montana Incorporated began the year with a retained earnings balance of $50,000. The company paid a...
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On December 31, 2014, Zeus Company showed shareholders' equity of P4,000,000. During the current year, the shareholders' equity was affected by: * An adjustment to
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