The following information relates to the Gates Corporation: Net assets, end of year P650,000 Net assets, beginning of year 300,000 Additional investment by shareholders 100,000 Dividends paid 150,000 Other comprehensive income for the year 80,000 Profit for the year is a. 350,000 b. 400,000 c. 320,000
The following information relates to the Gates Corporation: Net assets, end of year P650,000 Net assets, beginning of year 300,000 Additional investment by shareholders 100,000 Dividends paid 150,000 Other comprehensive income for the year 80,000 Profit for the year is a. 350,000 b. 400,000 c. 320,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 11MCQ
Related questions
Question
The following information relates to the Gates Corporation:
|
Net assets, end of year |
P650,000 |
|
Net assets, beginning of year |
300,000 |
|
Additional investment by shareholders |
100,000 |
|
Dividends paid |
150,000 |
|
Other comprehensive income for the year |
80,000 |
Profit for the year is
a. 350,000
b. 400,000
c. 320,000
d. 480,000
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