On January 1, 2020, the capital of Quaint Company was P1,500,000 and on December 31, 2020, the capital was P2,500,000. During the current year, the proprietor withdrew merchandise costing P400000 with sale value of P600,000, and paid a P1,000,000 note payable of the business with interest of 10% for one year with a check drawn on a personal checking account. What is the net income for 2020? Qualmish Company provided the following data for 2020: January December Share Capital (P100 par value) 5,000,000 5,750,000 Share Premium 500,000 650,000 Retained Earnings 3,500,000 4,500,000 During the current year, the entity declared and paid cash dividend of P1,000,000 and also declared and issued a stock dividend. There were no other charges in shares issued and outstanding during the year. What is the net income for the current year? Querulous Company reported shareholders' equity of P8,000,000 on December 3], 2020. Equity transactions during the year were: An adjustment of retained earnings for 2019 over depreciation 200,000 Gain on sale of treasury shares 500,000 Dividend declared, of which P400000 was paid 1,400,000 Net income for 2020 2,000,000 The share capital balance of P5,000,000 remained unchanged during the year. What is the balance of retained earnings on January 1, 2020? Quondam Company provided the following information for the current year: Total assets December 31 6,000,000 Share Capital December 31 2,000,000 Share Premium December 31 500,000 Net loss 500,000 Dividend Declared 1,000,000 The debt to equity ratio (liabilities divided by equity) is 50% on December 31. What is the balance of retained earnings on January 1? Radiant Company provided the following increases in account balances that occurred during the current year: Assets 9,000,000 Liabilities 3,000,000 Share Capital 5,000,000 Share Premium 500,000 Except for a P2,000,000 dividend payment, the year's earnings and a P200,000 prior period error from understatement of ending inventory, there were no other changes in retained earnings for the year. What is the net income for the current year? Reminiscent Company had total assets of P8,000,000 and shareholders' equity of P4,000,000 at the beginning of the year. During the current year, assets increased by Pl,000,000 and liabilities decreased by P1,500,000. What is the shareholders' equity at yearend? Rudimentary Company reported beginning and ending total liabilities of P4,200,000 and P5,000,000, respectively. At year-end, shareholders' equity was P]3,000,000 and the amount of total assets was P1,000,000 larger than at the beginning of the year. During the year, the proceeds from the issuance of new shares exceeded dividends paid by P2,200,000. What is the net income ..., hm" L'..- .Lr. _.I.<_.._.l>