Question: Help me answer this it is about retained earnings Place Inc. a dealer in computers and computer software ends its accounting period on December 31.

Help me answer this it is about retained earnings

Help me answer this it is about retained earnings Place Inc. a

Place Inc. a dealer in computers and computer software ends its accounting period on December 31. Use the information below to close its books. Cash Marketable Securities P 219,000 135,000 Merchandise Inventory 350,000 Furniture & Equipment (net) 320,500 Accounts payable Share Capital (P100 par) P 27,500 500,000 Treasury Shares (1,000) (120,000) Retained Earnings 420,000 Sales 662,500 Purchases 370,000 Selling Expenses 70,500 Administrative Expenses 25,000 P1,490,000 P1,490,000 Unsold goods on December 31 represents 1/3 of the total goods available for sale. Aside from the closing entries, two transactions are not yet recorded by the accountant: A 20% stock dividend declaration on December 15 A 10% cash dividend declaration on December 31. An appropriation for treasury shares on December 31. Required: 1) Entries to record the dividends and appropriation and the closing entries. 2) Prepare a statement of financial position as at December 3 1supported by a statement of retained earnings

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