Presented below is an alphabetical list of account balances taken from the books of an entity at the end of the current period, December 31: Accounts payable P125,000 Accrued expenses 47,000 Cash surrender value on life insurance 29,000 Dividends, ordinary shares 100,000 Dividends, preference shares 150,000 Mortgage payable (including P200,000 due in six months) 1,200,000 Note payable (not due within 12 months) 1,500,000 Premium on notes payable 25,000 Profit and loss summary – credit balance 500,000 Retained earnings, January 1 550,000 Share capital - Ordinary, P100 par 1,000,000 Share capital - Preference, P200 par 450,000 Share premium – ordinary 250,000 Unamortized issue cost on note payable 25,000 Unearned rent income 33,000 What is the retained earnings balance on December 31?
Presented below is an alphabetical list of account balances taken from the books of an entity at the end of the current period, December 31:
|
Accounts payable |
P125,000 |
|
Accrued expenses |
47,000 |
|
Cash surrender value on life insurance |
29,000 |
|
Dividends, ordinary shares |
100,000 |
|
Dividends, |
150,000 |
|
Mortgage payable (including P200,000 due in six months) |
1,200,000 |
|
Note payable (not due within 12 months) |
1,500,000 |
|
Premium on notes payable |
25,000 |
|
|
500,000 |
|
Retained earnings, January 1 |
550,000 |
|
Share capital - Ordinary, P100 par |
1,000,000 |
|
Share capital - Preference, P200 par |
450,000 |
|
Share premium – ordinary |
250,000 |
|
Unamortized issue cost on note payable |
25,000 |
|
Unearned rent income |
33,000 |
What is the retained earnings balance on December 31?
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