What is the net income in the current year? Matcha Company reported the following changes in all the account balances for 2021, except forretained earnings:Increase (Decrease)Increase (Decrease)CashAccounts payableP(380,000)820,000P790,000Accounts Receivable, net2,400,000Bonds payableInventory1,270,000Share capital1,250,000Investments(470,000)Share premium130,000There were no entries in retained earnings account except for the net income and a divideddeclaration of P190,000 which was paid in the current year.

Name: What is the net income in the current year? Matcha Company reported th
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Description: What is the net income in the current year? Matcha Company reported the following changes in all the account balances for 2021, except forretained earnings:Increase (Decrease)Increase (Decrease)CashAccounts payableP(380,000)820,000P790,000Accounts Re

The dividend is declared to the shareholders from the retained earnings of the business.

Business

Accounting

tcha Company reported the following changes in all the account balances for 2021, except fo ained earnings: Increase (Decrease) Increase (Decrease) P(380,000) sh counts Receivable, net wentory westments Accounts payable Bonds payable Share capital P790,000 2,400,000 820,000 1,270,000 1,250,000 130,000 (470,000) Share premium re were no entries in retained earnings account except for the net income and a divide laration of P190,000 which was paid in the current year.

tcha Company reported the following changes in all the account balances for 2021, except fo ained earnings: Increase (Decrease) Increase (Decrease) P(380,000) sh counts Receivable, net wentory westments Accounts payable Bonds payable Share capital P790,000 2,400,000 820,000 1,270,000 1,250,000 130,000 (470,000) Share premium re were no entries in retained earnings account except for the net income and a divide laration of P190,000 which was paid in the current year.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 18P

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