On February 1, 2X16, the balance of the retained earnings account of Blue Power Corporation was P315,000. Revenues for February totaled P61,000, of which P57,500 was collected in cash. Expenses for February totaled P65,000, of which P54,000 was paid in cash. Dividends declared and paid during February were P6,000. Require. • Calculate the retained earnings balance at February 28, 2X16.

On February 1, 2X16, the balance of the retained earnings account of Blue Power Corporation was P315,000. Revenues for February totaled P61,000, of which P57,500 was collected in cash. Expenses for February totaled P65,000, of which P54,000 was paid in cash. Dividends declared and paid during February were P6,000. Require. • Calculate the retained earnings balance at February 28, 2X16.

Name: Case II. Statement of Changes in EquityOn February 1, 2X16, the balan
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Description: Case II. Statement of Changes in EquityOn February 1, 2X16, the balance of the retained earnings account of Blue Power Corporation was P315,000.Revenues for February totaled P61,000, of which P57,500 was collected in cash. Expenses for February tota

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.4.2P: Financial statements Padget Home Services began its operations on January 1, 20Y7 (see Problem 2-3)....

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