Golden Pineapples Pty Ltd had the following assets and liabilities at financial year end in 2019 and
Question:
Golden Pineapples Pty Ltd had the following assets and liabilities at financial year end in 2019 and 2020.
Required
(a) What is the balance of retained earnings as at the end of the two financial years?
(b) If the company reported profit after tax of $264 200 for the year ended 31 December 2020, what amount (if any) of dividends were declared during the year?
Transcribed Image Text:
Assets Cash on hand Accounts receivable Inventory Prepayments Buildings and equipment (net) Liabilities and equity Accounts payable Accrued expenses Income tax payable Dividend payable Bank loan Share capital Retained earnings 31 December 2020 $131 658 90 800 175 000 4500 350 000 39 400 7500 63215 90000 150 000 200 000 ? 31 December 2019 $ 46321 21 500 60 000 1000 230 000 5800 4600 33 187 32 000 20 000 200 000 ?
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Use the accounting equation Assets Liabilities Equity The equity amount can be determined by ...View the full answer
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Related Book For
Accounting Business Reporting For Decision Making
ISBN: 9780730369325
7th Edition
Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver, David Bond
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