What is the balance of retained earnings restated

Reference no: EM132784865

East Company prepared the balance sheet shown below in accordance with GAAP on December 31, 2003:-


Cash	P 480,000
Receivables Inventory	560,000
Inventory	680,000
Property, plant and equipment, net	1.340.000
	P3,060,000
Payables	P1,160,000
Common stock	1,200,000
Retained earnings	700.000
	P3,060,000

The cash, receivables, and payables originated when the index was 105. The inventory and plant assets were acquired when the index was 99. The common stock was issued when the index was 90. The index number on December 31, 2003 was 108.9.

problem 1: What is the balance of retained earnings restated to end-of-year constant peso?

(a) P902,000 (b) P645,543 (c) P650,000 (d) P700,000

Reference no: EM132784865

Questions Cloud

How much should company report as operating profit : Bumper campayhas three lines of twatthig, In its 2014 financial statements, how much should company report as operating profit for segment no. 1?

Discuss how csr and risk management are related : Discuss how CSR and Risk Management are related. Are their specific business risks related to CSR? What are those business risks and why are they important?

Explain risk and return of financial resource management : Explain risk and return of financial resource management

Identify a not-for-profit organization : In this module's journal activity, you will identify a not-for-profit organization that has demonstrated questionable ethics and make a recommendation

What is the balance of retained earnings restated : What is the balance of retained earnings restated to end-of-year constant peso? East Company prepared the balance sheet shown with GAAP

Record the journal entry necessary : The coupon rate was 6% and the market rate of interest at issuance was 4%. Record the journal entry necessary at 6/30/2018

Describe three procedures inherent in checking : Describe three (3) procedures inherent in checking and approving claims by staff for payment of wages.

How much interest do you pay in the first year : You have just negotiated a home mortgage with a principal of $450,000. How much interest do you pay in the first year

Describe what motivation is : Describe what motivation is and how it can affect a team's performance

User Account

All Pages