Question
LAKERS Co . provided the following information on December 31, 2019: Income tax expense 80,000 Cash and cash equivalents 200,000 Income tax payable 60,000 Accounts
LAKERS Co. provided the following information on December 31, 2019:
Income tax expense
80,000
Cash and cash equivalents
200,000
Income tax payable
60,000
Accounts receivable
430,000
Deferred tax liability
140,000
Inventories
1,280,000
Retained earnings - 1/1/2019
1,800,000
FAFVTOCI
1,250,000
Dividends
500,000
Land
500,000
Revaluation surplus - 1/1/2019
180,000
Building
3,000,000
Unrealized gain on financial asset
140,000
A/D-building
800,000
Share capital
3,000,000
Plant and Equipment
1,200,000
Sales
5,000,000
A/D-plant and equipment
200,000
Realized gain on financial asset 2019
50,000
Patent
1,100,000
Revaluation surplus - land 2019
70,000
Notes payable - bank due 6/30/21
1,700,000
Cost of goods sold
3,000,000
Accounts payable
550,000
Distribution costs
980,000
Provisions
130,000
Administrative expenses
300,000
The entity issued shares at par value of P800,000 during the year.
Cash dividends of P300,000 were paid and share dividends of P200,000 were issued on 12/31/2019.
Requirements: Compute the balances of the following accounts for the period ended December 31, 2019:
- Net income (loss)
- Comprehensive income
- Reserves
- Retained earnings
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