FinAcc1-10

FinAcc1-10 - Gondola Company Statement of Retained Earnings

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Gondola Company Statement of Retained Earnings Year ended December 31, 2008 Balance – January 1   2,600,000 Compensation of prior period not accrued (   500,000) Correction of prior period error – credit      400,000 Adjusted beginning balance   2,500,000 Net income – adjusted   3,050,000 Stock dividend (   700,000) Loss on retirement of preference share (   350,000) Appropriated for treasury share (1,000,000) Balance – December 31  3,500,000    26 CHAPTER 3 Problem 3-1 Problem 3-2 1.  D       6.  D 1.  D       6.  D 2.  A       7.  B 2.  D       7.  D 3.  A       8.  C 3.  C       8.  B 4.  C       9.  C 4.  A       9.  D 5.  B     10.  A 5.  C     10.  B Problem 3-3  a.  Undeposited collections      60,000       Cash in bank – PCIB    500,000            Cash in bank – PCIB (for payroll)    150,000       Cash in bank  - PCIB (savings deposit)    100,000       Money market instrument – 90 days 2,000,000       Total cash and cash equivalents 2,810,000
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
b.  Accounts receivable (15,000 + 25,000)
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

FinAcc1-10 - Gondola Company Statement of Retained Earnings

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online