The balance of retained earnings of Dragon Corporation at the beginning of the year was P650,000. During the year, Dragon earned revenue of P4,500,000 and incurred expenses of P3,800,000 dividends of P500,000 were declared and paid, and the balance of the cash account increased by P220,000. How much is the company's year- end balance of the retained earnings?

The balance of retained earnings of Dragon Corporation at the beginning of the year was P650,000. During the year, Dragon earned revenue of P4,500,000 and incurred expenses of P3,800,000 dividends of P500,000 were declared and paid, and the balance of the cash account increased by P220,000. How much is the company's year- end balance of the retained earnings?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 15EA: Farmington Corporation began the year with a retained earnings balance of $20,000. The company paid...

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