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?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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