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What is the balance retained earnings as of december

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Question - ABC Corp. provided the following information on December 31, 2012:

Share premium 1,000,000

Accounts payable 1,100,000

Preference share, at par 2,000,000

Ordinary share, at par 3,000,000

Sales 10,000,000

Total expenses 7,800,000

Treasury shares-ordinary 500,000

Dividends 700,000

Retained earnings - January 1 1,000,000

1. What is the balance Retained Earnings as of December 31, 2012?

a. P1,000,000 c. P 300,000

b. P2,500,000 d. P3,200,000

2. What is the total of shareholders' equity as of December 31, 2012?

a. P8,000,000 c. P8,500,000

b. P5,800,000 d. P8,700,000

Reference no: EM133096898

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